Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to the Implementation of Phase II of the Penny Pilot Program, 18028-18029 [E8-6732]
Download as PDF
<![CDATA[
18028
Federal Register / Vol. 73, No. 64 / Wednesday, April 2, 2008 / Notices
should refer to File Number SR–NSX–
2008–08 and should be submitted on or
before April 23, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.18
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–6776 Filed 4–1–08; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57567; File No. SR–Phlx–
2008–25]
Self-Regulatory Organizations;
Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate
Effectiveness of Proposed Rule
Change Relating to the Implementation
of Phase II of the Penny Pilot Program
March 26, 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 20,
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 one 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.
rmajette on PROD1PC64 with NOTICES
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Phlx proposes to implement
Phase II of a pilot program (the ‘‘pilot’’)
that permits certain options series to be
quoted and traded in increments of
$0.01. Phase II will include all options
included in the current pilot, together
with additional options, as described
more fully below. Phase II of the pilot
(‘‘Phase II’’) will extend through March
27, 2009.
18 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)(i).
4 17 CFR 240.19b–4(f)(1).
1 15
VerDate Aug<31>2005
15:36 Apr 01, 2008
Jkt 214001
The text of the proposed rule change
is available on the Exchange’s Web site
(https://www.Phlx.com/exchange/phlxrule-fil.htm), at the Phlx, 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 implement Phase II of the
pilot. The Exchange believes that
including additional options to the pilot
should provide greater breadth and
depth of experience in quoting and
trading options series in increments of
$0.01, and should therefore enable the
Exchange and the Commission to better
analyze the impact of the pilot on the
options marketplace.
All series in options included in the
pilot trading at a price of less than $3.00
are currently quoted and traded in
minimum increments of $0.01, and pilot
options with a price of $3.00 or higher
are currently quoted and traded in
minimum increments of $0.05, except
that options overlying the PowerShares
QQQ Trust (‘‘QQQQ’’) are quoted and
traded in minimum increments of $0.01
for all series regardless of the price.
The pilot began on January 26, 2007,5
was thereafter extended through
September 27, 2007,6 and was then
extended and expanded to include
additional options.7 Phase I of the
expansion, which began on September
28, 2007, added 22 options that are
among the most actively traded,
5 See Securities Exchange Act Release No. 55153
(January 23, 2007), 72 FR 4553 (January 31, 2007)
(SR–Phlx–2006–74). In that filing, the Exchange
also made conforming amendments to various
Exchange rules in order to be consistent with the
pilot.
6 See Securities Exchange Act Release No. 56141
(July 24, 2007), 72 FR 42216 (August 1, 2007) (SR–
Phlx–2007–53).
7 See Securities Exchange Act Release No. 56563
(September 27, 2007), 72 FR 56429 (October 3,
2007) (SR–Phlx–2007–62).
PO 00000
Frm 00081
Fmt 4703
Sfmt 4703
multiply-listed options based on average
daily volume, and together with the
original 13 options in the initial pilot,
represented approximately 35% of the
total industry volume. A list of all pilot
options was communicated to
membership via Exchange circular for
the initial pilot and for Phase I.
The Exchange now proposes to
implement Phase II of the expansion.
Phase II will begin March 28, 2008, and
will extend for one year, through March
27, 2009. Phase II will add 28 options
to the pilot, bringing the total number of
options included in the pilot to 63. An
Exchange Circular, attached as Exhibit 2
to the proposed rule change, identifies
these additional underlying securities.8
Again, all penny options in Phase II
will trade in $0.01 increments in series
trading below $3.00, and in $0.05
increments in series trading at $3.00 and
above. Options on QQQQ will continue
to trade in increments of $0.01 for all
series.
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, 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, by
expanding the pilot to include more
options series.
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
No written comments were either
solicited or received.
8 8 The Exchange Circular attached as Exhibit 2
to the proposal contained an inaccurate date. The
Exchange has represented that it will correct this
inaccuracy before the Exchange Circular is
circulated. Telephone conversation between
Richard Rudolph, Vice President and Counsel,
Phlx, and Jennifer Colihan, Special Counsel,
Division of Trading and Markets, Commission, on
March 26, 2008.
9 15 U.S.C. 78f(b).
10 15 U.S.C. 78f(b)(5).
E:\FR\FM\02APN1.SGM
02APN1
Federal Register / Vol. 73, No. 64 / Wednesday, April 2, 2008 / Notices
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become
effective pursuant to Section
19(b)(3)(A)(i) of the Act 11 and Rule 19b–
4(f)(1) thereunder,12 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 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.13
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:
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 the 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–2008–25 and should
be submitted on or before April 23,
2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–6732 Filed 4–1–08; 8:45 am]
BILLING CODE 8011–01–P
18029
The following areas have been
determined to be adversely affected by
the disaster:
Primary Counties: Columbia.
Contiguous Counties:
Florida: Alachua, Baker, Gilchrist,
Hamilton, Suwannee, Union.
Georgia: Clinch, Echols.
The Interest Rates Are:
Homeowners with credit available
elsewhere: 5.500.
Homeowners without credit available
elsewhere: 2.750.
Businesses with credit available
elsewhere: 8.000.
Businesses & small agricultural
cooperatives without credit available
elsewhere: 4.000.
Other (including non-profit
organizations) with credit available
elsewhere: 5.250.
Businesses and non-profit
organizations without credit available
elsewhere: 4.000.
The number assigned to this disaster
for physical damage is 11200 C and for
economic injury is 11201 0.
The States which received an EIDL
Declaration # are Florida, Georgia.
rmajette on PROD1PC64 with 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–Phlx–2008–25 on the
subject line.
SMALL BUSINESS ADMINISTRATION
(Catalog of Federal Domestic Assistance
Numbers 59002 and 59008)
[Disaster Declaration # 11200 and # 11201]
Florida Disaster # FL–00031
U.S. Small Business
Administration.
ACTION: Notice.
Dated: March 26, 2008.
Steven C. Preston,
Administrator.
[FR Doc. E8–6826 Filed 4–1–08; 8:45 am]
BILLING CODE 8025–01–P
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–Phlx–2008–25. 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
SUMMARY: This is a notice of an
Administrative declaration of a disaster
for the State of Florida dated 03/26/
2008.
Incident: Tornado.
Incident Period: 03/07/2008.
Effective Date: 03/26/2008.
Physical Loan Application Deadline
Date: 05/27/2008.
Economic Injury (EIDL) Loan
Application Deadline Date: 12/26/2008.
ADDRESSES: Submit completed loan
applications to: U.S. Small Business
Administration, Processing and
Disbursement Center, 14925 Kingsport
Road, Fort Worth, TX 76155.
FOR FURTHER INFORMATION CONTACT: A.
Escobar, Office of Disaster Assistance,
U.S. Small Business Administration,
409 3rd Street, SW., Suite 6050,
Washington, DC 20416.
SUPPLEMENTARY INFORMATION: Notice is
hereby given that as a result of the
Administrator’s disaster declaration,
applications for disaster loans may be
filed at the address listed above or other
locally announced locations.
11 15
U.S.C. 78s(b)(3)(A)(i).
CFR 240.19b–4(f)(1).
13 See 15 U.S.C. 78s(b)(3)(C).
AGENCY:
12 17
VerDate Aug<31>2005
18:01 Apr 01, 2008
14 17
Jkt 214001
PO 00000
CFR 200.30–3(a)(12).
Frm 00082
Fmt 4703
Sfmt 4703
DEPARTMENT OF STATE
[PUBLIC NOTICE 6165]
Culturally Significant Objects Imported
for Exhibition; Determinations:
‘‘Muraqqa’: IMPERIAL MUGHAL
ALBUMS From the Chester Beatty
Library, Dublin’’
SUMMARY: Notice is hereby given of the
following determinations: Pursuant to
the authority vested in me by the Act of
October 19, 1965 (79 Stat. 985; 22 U.S.C.
2459), Executive Order 12047 of March
27, 1978, the Foreign Affairs Reform and
Restructuring Act of 1998 (112 Stat.
2681, et seq.; 22 U.S.C. 6501 note, et
seq.), Delegation of Authority No. 234 of
October 1, 1999, Delegation of Authority
No. 236 of October 19, 1999, as
amended, and Delegation of Authority
No. 257 of April 15, 2003 [68 FR 19875],
I hereby determine that the objects in
the exhibition: ‘‘Muraqqa’: Imperial
Mughal Albums from the Chester Beatty
Library, Dublin,’’ imported from abroad
for temporary exhibition within the
United States, are of cultural
significance. The objects are imported
pursuant to a loan agreement with the
E:\FR\FM\02APN1.SGM
02APN1
]]>Agencies
[Federal Register Volume 73, Number 64 (Wednesday, April 2, 2008)]
[Notices]
[Pages 18028-18029]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-6732]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57567; File No. SR-Phlx-2008-25]
Self-Regulatory Organizations; Philadelphia Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change
Relating to the Implementation of Phase II of the Penny Pilot Program
March 26, 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 20, 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 one 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 240.19b-4(f)(1).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Phlx proposes to implement Phase II of a pilot program (the
``pilot'') that permits certain options series to be quoted and traded
in increments of $0.01. Phase II will include all options included in
the current pilot, together with additional options, as described more
fully below. Phase II of the pilot (``Phase II'') will extend through
March 27, 2009.
The text of the proposed rule change is available on the Exchange's
Web site (https://www.Phlx.com/exchange/phlx-rule-fil.htm), at the Phlx,
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 implement Phase II of
the pilot. The Exchange believes that including additional options to
the pilot should provide greater breadth and depth of experience in
quoting and trading options series in increments of $0.01, and should
therefore enable the Exchange and the Commission to better analyze the
impact of the pilot on the options marketplace.
All series in options included in the pilot trading at a price of
less than $3.00 are currently quoted and traded in minimum increments
of $0.01, and pilot options with a price of $3.00 or higher are
currently quoted and traded in minimum increments of $0.05, except that
options overlying the PowerShares QQQ Trust (``QQQQ'') are quoted and
traded in minimum increments of $0.01 for all series regardless of the
price.
The pilot began on January 26, 2007,\5\ was thereafter extended
through September 27, 2007,\6\ and was then extended and expanded to
include additional options.\7\ Phase I of the expansion, which began on
September 28, 2007, added 22 options that are among the most actively
traded, multiply-listed options based on average daily volume, and
together with the original 13 options in the initial pilot, represented
approximately 35% of the total industry volume. A list of all pilot
options was communicated to membership via Exchange circular for the
initial pilot and for Phase I.
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 55153 (January 23,
2007), 72 FR 4553 (January 31, 2007) (SR-Phlx-2006-74). In that
filing, the Exchange also made conforming amendments to various
Exchange rules in order to be consistent with the pilot.
\6\ See Securities Exchange Act Release No. 56141 (July 24,
2007), 72 FR 42216 (August 1, 2007) (SR-Phlx-2007-53).
\7\ See Securities Exchange Act Release No. 56563 (September 27,
2007), 72 FR 56429 (October 3, 2007) (SR-Phlx-2007-62).
---------------------------------------------------------------------------
The Exchange now proposes to implement Phase II of the expansion.
Phase II will begin March 28, 2008, and will extend for one year,
through March 27, 2009. Phase II will add 28 options to the pilot,
bringing the total number of options included in the pilot to 63. An
Exchange Circular, attached as Exhibit 2 to the proposed rule change,
identifies these additional underlying securities.\8\
---------------------------------------------------------------------------
\8\ 8 The Exchange Circular attached as Exhibit 2 to the
proposal contained an inaccurate date. The Exchange has represented
that it will correct this inaccuracy before the Exchange Circular is
circulated. Telephone conversation between Richard Rudolph, Vice
President and Counsel, Phlx, and Jennifer Colihan, Special Counsel,
Division of Trading and Markets, Commission, on March 26, 2008.
---------------------------------------------------------------------------
Again, all penny options in Phase II will trade in $0.01 increments
in series trading below $3.00, and in $0.05 increments in series
trading at $3.00 and above. Options on QQQQ will continue to trade in
increments of $0.01 for all series.
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, 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, by expanding the pilot to include more options series.
---------------------------------------------------------------------------
\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 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
No written comments were either solicited or received.
[[Page 18029]]
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The proposed rule change has become effective pursuant to Section
19(b)(3)(A)(i) of the Act \11\ and Rule 19b-4(f)(1) thereunder,\12\
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 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.\13\
---------------------------------------------------------------------------
\13\ See 15 U.S.C. 78s(b)(3)(C).
---------------------------------------------------------------------------
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-Phlx-2008-25 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-Phlx-2008-25. 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 the 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-2008-25 and should be
submitted on or before April 23, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
---------------------------------------------------------------------------
\14\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-6732 Filed 4-1-08; 8:45 am]
BILLING CODE 8011-01-P
