Self-Regulatory Organizations; NYSE Arca, Inc; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Delete NYSE Arca Rule 6.88-Pacific Options Exchange Trading System, 15821-15822 [E8-5912]
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Federal Register / Vol. 73, No. 58 / Tuesday, March 25, 2008 / Notices
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
Number SR–NYSE–2008–16 on the
subject line.
Paper Comments
mstockstill on PROD1PC66 with NOTICES
• 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
most significant aspects of such
statements.
[Release No. 34–57521; File No. SR–
NYSEArca–2008–27]
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 to Delete NYSE Arca Rule
6.88—Pacific Options Exchange
Trading System
March 18, 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 March 13,
2008, NYSE Arca, Inc. (‘‘Exchange’’ or
All submissions should refer to File
‘‘NYSE Arca’’) filed with the Securities
Number SR–NYSE–2008–16. This file
and Exchange Commission
number should be included on the
(‘‘Commission’’) the proposed rule
subject line if e-mail is used. To help the
change as described in Items I and II
Commission process and review your
below, which Items have been
comments more efficiently, please use
substantially prepared by NYSE Arca.
only one method. The Commission will NYSE Arca has designated this proposal
post all comments on the Commission’s as one that neither significantly affects
Internet Web site (https://www.sec.gov/
the protection of investors or the public
rules/sro.shtml). Copies of the
interest nor imposes any significant
submission, all subsequent
burden on competition, under Section
amendments, all written statements
19(b)(3)(A)(ii) of the Act,3 and Rule
with respect to the proposed rule
19b–4(f)(6) thereunder,4 which renders
change that are filed with the
the proposal effective upon filing with
Commission, and all written
the Commission. The Commission is
communications relating to the
publishing this notice to solicit
proposed rule change between the
comments on the proposed rule change
Commission and any person, other than from interested persons.
those that may be withheld from the
I. Self-Regulatory Organization’s
public in accordance with the
Statement of the Terms of Substance of
provisions of 5 U.S.C. 552, will be
the Proposed Rule Change
available for inspection and copying in
NYSE Arca is proposing to amend its
the Commission’s Public Reference
rules to delete NYSE Arca Rule 6.88
Room, 100 F Street, NE., Washington,
because it has determined that rule to be
DC 20549, on official business days
obsolete. The text of the proposed rule
between the hours of 10 a.m. and 3 p.m.
change is available on the Exchange’s
Copies of such filing also will be
Web site, https://www.nyse.com, at the
available for inspection and copying at
principal office of the Exchange, and at
the principal office of NYSE. All
the Commission’s Public Reference
comments received will be posted
Room.
without change; the Commission does
II. Self-Regulatory Organization’s
not edit personal identifying
Statement of the Purpose of, and
information from submissions. You
Statutory Basis for, the Proposed Rule
should submit only information that
you wish to make available publicly. All Change
In its filing with the Commission,
submissions should refer to File
Number SR–NYSE–2008–16 and should NYSE Arca included statements
concerning the purpose of, and basis for,
be submitted on or before April 15,
the proposed rule change and discussed
2008.
any comments it received on the
For the Commission, by the Division of
proposed rule change. The text of these
Trading and Markets, pursuant to delegated
statements may be examined at the
authority.14
places specified in Item IV below. NYSE
Florence E. Harmon,
Arca has prepared summaries, set forth
Deputy Secretary.
in Sections A, B, and C below, of the
[FR Doc. E8–5916 Filed 3–24–08; 8:45 am]
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(6).
BILLING CODE 8011–01–P
2 17
14 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
18:33 Mar 24, 2008
Jkt 214001
15821
PO 00000
Frm 00104
Fmt 4703
Sfmt 4703
1. Purpose
Upon review of NYSE Arca Rule 6.88,
the Exchange has determined that the
rule is outdated and obsolete. This rule
relates to options trading on the Pacific
Options Exchange Trading System
(‘‘POETS’’). The Exchange, however, no
longer uses POETS for options trading.
Therefore, the Exchange proposes to
eliminate the text of this Rule and
reserve the rule number for future use.
POETS was the Exchange’s automated
trading system comprised of the options
order routing system, the automatic
execution system (Auto-Ex), the on-line
limit order book system (Auto-Book),
and the automatic market quote update
system (Auto-Quote). All functionality
contained in the POETS system has
been completely decommissioned. Its
replacement, PCX Plus, was fully
implemented as of March 2005.5 Since
then, the Exchange decommissioned
PCX Plus and implemented its current
options trading platform, the OX
system, during the third quarter of
2006.6 At the time POETS was
decommissioned and PCX Plus was
implemented, rules pertaining to POETS
were eliminated, as obsolete, from the
Exchange’s rule set.7 Rule 6.88
inadvertently remained within the
Exchange’s rule set without purpose or
regulatory impact.
The Exchange has no plans to
reactivate the POETS system; therefore,
any rules governing its use are outdated
and unnecessary. By eliminating the
text of this rule, the Exchange hopes to
eliminate any unnecessary confusion for
its members.
2. Statutory Basis
The Exchange believes that the
proposal is consistent with Section 6(b)
of the Act,8 in general, and Section
6(b)(5) of the Act,9 in particular, in that
it will promote just and equitable
principles of trade, facilitate
5 See Securities Exchange Act Release No. 47838
(May 13, 2003), 68 FR 27129 (May 19, 2003) (SR–
PCX–2002–36) (order approving establishment of
the PCX Plus system).
6 See Securities Exchange Act Release No. 54238
(July 28, 2006), 71 FR 44758 (August 7, 2006) (SR–
NYSEArca–2006–13) (order approving
establishment of the OX trading platform system).
7 See Securities Exchange Act Release No. 53221
(February 3, 2006), 71 FR 6811 (February 9, 2006)
(SR–PCX–2005–102) (order approving elimination
of obsolete rules related to POETS).
8 15 U.S.C. 78f(b).
9 15 U.S.C. 78f(b)(5).
E:\FR\FM\25MRN1.SGM
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15822
Federal Register / Vol. 73, No. 58 / Tuesday, March 25, 2008 / Notices
transactions in securities, remove
impediments to and perfect the
mechanisms of a free and open market
and a national market system, and
protect investors and the public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The proposed rule change does not
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 not solicited, and
does not intend to solicit, comments on
this proposed rule change. The
Exchange has not received any
unsolicited written comments from
members or other interested parties.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule 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 if consistent
with the protection of investors and the
public interest, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act and Rule 19b–4(f)(6) thereunder.10
The Exchange has asked the
Commission to waive the 30-day
operative delay in order to allow the
Exchange to remove an obsolete rule
without delay. The Commission
believes such waiver is consistent with
the protection of investors and the
public interest because the existing rule
regarding the POETS system is obsolete
and serves no purpose related to the
administration of the Exchange.11
Waiver of the 30-day operative delay
specified in Rule 19b–4(f)(6) will allow
the Exchange to update its Rules
without delay. For these reasons, the
Commission designates the proposals to
mstockstill on PROD1PC66 with NOTICES
10 17
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
provide the Commission with 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 fulfilled this requirement.
11 For purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
VerDate Aug<31>2005
18:33 Mar 24, 2008
Jkt 214001
be operative upon filing with the
Commission.
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 rulecomments@sec.gov. Please include File
No. SR–NYSEArca–2008–27 on the
subject line.
available publicly. All submissions
should refer to File Number SR–
NYSEArca–2008–27 and should be
submitted on or before April 15, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–5912 Filed 3–24–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57522; File No. SR–
NYSEArca–2008–30)]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing and
Immediate Effectiveness of Proposed
Rule Change to Amend Rule 6.37B
Pertaining to Market Maker Quotations
March 18, 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 March 14,
Paper Comments
2008, NYSE Arca, Inc. (‘‘NYSE Arca’’ or
‘‘Exchange’’) filed with the Securities
• Send paper comments in triplicate
and Exchange Commission
to Nancy M. Morris, Secretary,
(‘‘Commission’’) the proposed rule
Securities and Exchange Commission,
change as described in Items I and II
100 F Street, NE., Washington, DC
below, which Items have been
20549–1090.
substantially prepared by NYSE Arca.
All submissions should refer to File
The Exchange has filed the proposal as
Number SR–NYSEArca–2008–27. This
a ‘‘non-controversial’’ rule change
file 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,4
Commission process and review your
which renders it effective upon filing
comments more efficiently, please use
only one method. The Commission will with the Commission. The Commission
post all comments on the Commission’s is publishing this notice to solicit
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
NYSE Arca proposes to amend NYSE
Commission, and all written
Arca Rule 6.37B Market Maker
communications relating to the
Quotations—OX. The text of the
proposed rule change between the
Commission and any person, other than proposed rule change is available at
NYSE Arca, the Commission’s Public
those that may be withheld from the
Reference Room, and https://
public in accordance with the
www.nysearca.com.
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room 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 Exchange. 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
PO 00000
Frm 00105
Fmt 4703
Sfmt 4703
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
12 17
CFR 200.30–3(a)(12).
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).
1 15
E:\FR\FM\25MRN1.SGM
25MRN1
]]>Agencies
[Federal Register Volume 73, Number 58 (Tuesday, March 25, 2008)]
[Notices]
[Pages 15821-15822]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-5912]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57521; File No. SR-NYSEArca-2008-27]
Self-Regulatory Organizations; NYSE Arca, Inc; Notice of Filing
and Immediate Effectiveness of Proposed Rule Change to Delete NYSE Arca
Rule 6.88--Pacific Options Exchange Trading System
March 18, 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 March 13, 2008, NYSE Arca, Inc. (``Exchange'' or ``NYSE Arca'')
filed with the Securities and Exchange Commission (``Commission'') the
proposed rule change as described in Items I and II below, which Items
have been substantially prepared by NYSE Arca. NYSE Arca has designated
this proposal as one that neither significantly affects the protection
of investors or the public interest nor imposes any significant burden
on competition, under Section 19(b)(3)(A)(ii) 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)(ii).
\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 to delete NYSE Arca Rule
6.88 because it has determined that rule to be obsolete. The text of
the proposed rule change is available on the Exchange's Web site,
https://www.nyse.com, at the principal office of 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, 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
Upon review of NYSE Arca Rule 6.88, the Exchange has determined
that the rule is outdated and obsolete. This rule relates to options
trading on the Pacific Options Exchange Trading System (``POETS''). The
Exchange, however, no longer uses POETS for options trading. Therefore,
the Exchange proposes to eliminate the text of this Rule and reserve
the rule number for future use.
POETS was the Exchange's automated trading system comprised of the
options order routing system, the automatic execution system (Auto-Ex),
the on-line limit order book system (Auto-Book), and the automatic
market quote update system (Auto-Quote). All functionality contained in
the POETS system has been completely decommissioned. Its replacement,
PCX Plus, was fully implemented as of March 2005.\5\ Since then, the
Exchange decommissioned PCX Plus and implemented its current options
trading platform, the OX system, during the third quarter of 2006.\6\
At the time POETS was decommissioned and PCX Plus was implemented,
rules pertaining to POETS were eliminated, as obsolete, from the
Exchange's rule set.\7\ Rule 6.88 inadvertently remained within the
Exchange's rule set without purpose or regulatory impact.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 47838 (May 13,
2003), 68 FR 27129 (May 19, 2003) (SR-PCX-2002-36) (order approving
establishment of the PCX Plus system).
\6\ See Securities Exchange Act Release No. 54238 (July 28,
2006), 71 FR 44758 (August 7, 2006) (SR-NYSEArca-2006-13) (order
approving establishment of the OX trading platform system).
\7\ See Securities Exchange Act Release No. 53221 (February 3,
2006), 71 FR 6811 (February 9, 2006) (SR-PCX-2005-102) (order
approving elimination of obsolete rules related to POETS).
---------------------------------------------------------------------------
The Exchange has no plans to reactivate the POETS system;
therefore, any rules governing its use are outdated and unnecessary. By
eliminating the text of this rule, the Exchange hopes to eliminate any
unnecessary confusion for its members.
2. Statutory Basis
The Exchange believes that the proposal is consistent with Section
6(b) of the Act,\8\ in general, and Section 6(b)(5) of the Act,\9\ in
particular, in that it will promote just and equitable principles of
trade, facilitate
[[Page 15822]]
transactions in securities, remove impediments to and perfect the
mechanisms of a free and open market and a national market system, and
protect investors and the public interest.
---------------------------------------------------------------------------
\8\ 15 U.S.C. 78f(b).
\9\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The proposed rule change does not 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 not solicited, and does not intend to solicit,
comments on this proposed rule change. The Exchange has not received
any unsolicited written comments from members or other interested
parties.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule 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 if consistent with the protection of investors
and the public interest, it has become effective pursuant to Section
19(b)(3)(A) of the Act and Rule 19b-4(f)(6) thereunder.\10\
---------------------------------------------------------------------------
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with 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 fulfilled this requirement.
---------------------------------------------------------------------------
The Exchange has asked the Commission to waive the 30-day operative
delay in order to allow the Exchange to remove an obsolete rule without
delay. The Commission believes such waiver is consistent with the
protection of investors and the public interest because the existing
rule regarding the POETS system is obsolete and serves no purpose
related to the administration of the Exchange.\11\ Waiver of the 30-day
operative delay specified in Rule 19b-4(f)(6) will allow the Exchange
to update its Rules without delay. For these reasons, the Commission
designates the proposals to be operative upon filing with the
Commission.
---------------------------------------------------------------------------
\11\ For purposes only of waiving the 30-day operative delay,
the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
---------------------------------------------------------------------------
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-NYSEArca-2008-27 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-NYSEArca-2008-27. 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 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 Exchange. 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-2008-27 and should be submitted on or before
April 15, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-5912 Filed 3-24-08; 8:45 am]
BILLING CODE 8011-01-P
