Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change To Extend the Moratorium on the Qualification and Registration of New Registered Competitive Market Makers and New Competitive Traders, Governed by NYSE Rules 107A and 110, Respectively, for an Additional Three Months, 19123-19125 [E8-7308]
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Federal Register / Vol. 73, No. 68 / Tuesday, April 8, 2008 / Notices
pwalker on PROD1PC71 with NOTICES
consistent with the Section 6(b)(5) 9
requirements that the rules of an
exchange be designed to promote just
and equitable principles of trade, to
prevent fraudulent and manipulative
acts and, in general, to protect investors
and the public interest. As indicated
above, the Exchange believes that
increasing the CQL in these options will
enable the Exchange to enhance the
liquidity offered, thereby offering
deeper and more liquid markets.
Number SR–CBOE–2008–35 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.
19123
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57601; File No. SR–NYSE–
2008–22]
Self-Regulatory Organizations; New
York Stock Exchange LLC; Notice of
Filing and Immediate Effectiveness of
a Proposed Rule Change To Extend
All submissions should refer to File
the Moratorium on the Qualification
and Registration of New Registered
Number SR–CBOE–2008–35. This file
Competitive Market Makers and New
number should be included on the
B. Self-Regulatory Organization’s
subject line if e-mail is used. To help the Competitive Traders, Governed by
Statement on Burden on Competition
NYSE Rules 107A and 110,
Commission process and review your
CBOE does not believe that the
Respectively, for an Additional Three
comments more efficiently, please use
proposed rule change will impose any
only one method. The Commission will Months
burden on competition that is not
post all comments on the Commission’s April 2, 2008.
necessary or appropriate in furtherance
Internet Web site (https://www.sec.gov/
of the purposes of the Act.
Pursuant to Section 19(b)(1) of the
rules/sro.shtml). Copies of the
Securities Exchange Act of 1934
C. Self-Regulatory Organization’s
submission, all subsequent
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
Statement on Comments on the
amendments, all written statements
notice is hereby given that on March 26,
Proposed Rule Change Received From
with respect to the proposed rule
2008, the New York Stock Exchange
Members, Participants, or Others
change that are filed with the
LLC (‘‘NYSE’’ or ‘‘Exchange’’) filed with
The Exchange neither received nor
Commission, and all written
the Securities and Exchange
solicited written comments on the
communications relating to the
Commission (‘‘Commission’’) the
proposal.
proposed rule change between the
proposed rule change as described in
Commission and any person, other than Items I and II below, which Items have
III. Date of Effectiveness of the
those that may be withheld from the
Proposed Rule Change and Timing for
been substantially prepared by the
public in accordance with the
Commission Action
Exchange. The Commission is
provisions of 5 U.S.C. 552, will be
publishing this notice to solicit
The foregoing proposed rule change
available for inspection and copying in
comments on the proposed rule change
will take effect upon filing with the
the Commission’s Public Reference
from interested persons.
Commission pursuant to Section
19(b)(3)(A)(i) of the Act 10 and Rule 19b– Room, on official business days between I. Self-Regulatory Organization’s
the hours of 10 a.m. and 3 p.m. Copies
4(f)(1) thereunder,11 because it
Statement of the Terms of Substance of
of such filing also will be available for
constitutes a stated policy, practice, or
the Proposed Rule Change
inspection and copying at the principal
interpretation with respect to the
The Exchange proposes to extend for
meaning, administration, or
office of the CBOE. All comments
enforcement of an existing rule.
received will be posted without change; three months the moratorium related to
At any time within 60 days of the
the qualification and registration of
the Commission does not edit personal
filing of the proposed rule change, the
Registered Competitive Market Makers
identifying information from
Commission may summarily abrogate
(‘‘RCMMs’’), pursuant to Exchange Rule
submissions. You should submit only
such rule change if it appears to the
107A, and Competitive Traders (‘‘CTs’’),
information that you wish to make
Commission that such action is
pursuant to Exchange Rule 110
available publicly. All submissions
necessary or appropriate in the public
(‘‘Moratorium’’). The text of the
should refer to File Number SR–CBOE–
interest, for the protection of investors,
2008–35 and should be submitted on or proposed rule change is available at
or otherwise in furtherance of the
https://www.nyse.com, the NYSE, and
before April 29, 2008.
purposes of the Act.
the Commission’s Public Reference
For the Commission, by the Division of
Room.
IV. Solicitation of Comments
Trading and Markets, pursuant to delegated
II. Self-Regulatory Organization’s
Interested persons are invited to
authority.12
Statement of the Purpose of, and
submit written data, views, and
Florence E. Harmon,
Statutory Basis for, the Proposed Rule
arguments concerning the foregoing,
Deputy Secretary.
Change
including whether the proposed rule
[FR Doc. E8–7272 Filed 4–7–08; 8:45 am]
change is consistent with the Act.
In its filing with the Commission, the
BILLING CODE 8011–01–P
Comments may be submitted by any of
Exchange included statements
the following methods:
concerning the purpose of, and basis for,
the proposed rule change. The text of
Electronic Comments
these statements may be examined at
• Use the Commission’s Internet
the places specified in Item IV below.
comment form (https://www.sec.gov/
The Exchange has prepared summaries,
rules/sro.shtml); or
set forth in Sections A, B, and C below,
• Send an e-mail to ruleof the most significant aspects of such
comments@sec.gov. Please include File
statements.
9 15
U.S.C. 78(f)(b)(5).
U.S.C. 78s(b)(3)(A)(i).
11 17 CFR 240.19b–4(f)(1).
10 15
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U.S.C. 78s(b)(1).
CFR 240.19b–4.
08APN1
19124
Federal Register / Vol. 73, No. 68 / Tuesday, April 8, 2008 / Notices
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange proposes to extend for
three months the current Moratorium
related to the qualification and
registration of RCMMs, pursuant to
Exchange Rule 107A, and CTs, pursuant
to Exchange Rule 110.
On September 22, 2005, the Exchange
filed SR–NYSE–2005–63 3 with the
Commission proposing to implement a
moratorium on the qualification and
registration of new RCMMs and CTs.
The purpose of the Moratorium was to
allow the Exchange an opportunity to
review the viability of RCMMs and CTs
in the NYSE HYBRID MARKET SM
(‘‘Hybrid Market’’).4
During each phase of the Hybrid
Market, new system functionality was
included in the operation of Exchange
systems, and new data was generated.
As a result, the Exchange was unable to
make an informed decision as to the
viability of RCMMs and CTs in the
Hybrid Market. The phased-in
implementation of the Hybrid Market
required the Exchange to extend the
Moratorium an additional five times
over the next twenty-one (21) months.5
The Exchange is now proposing to
extend the Moratorium, as amended,6
for an additional three months to June
30, 2008 in order to finalize its
determination as to the roles of RCMMs
and CTs in the Exchange’s Hybrid
Market and to formally submit a
proposal to the Commission outlining
the role, if any, these classes of traders
have in the Exchange’s evolving market.
The Exchange continues to review the
data related to RCMMs’ and CTs’
current trading on the NYSE.
Nevertheless, the Exchange is currently
undergoing significant developments in
its technology and its market model.
Accordingly, the Exchange requests
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3 See
Securities Exchange Act Release No. 52648
(October 21, 2005), 70 FR 62155 (October 28, 2005)
(SR–NYSE–2005–63).
4 See Securities Exchange Act Release No. 53539
(March 22, 2006), 71 FR 16353 (March 31, 2006)
(SR–NYSE–2004–05) (establishing the Hybrid
Market).
5 See Securities Exchange Act Release Nos. 54140
(July 13, 2006), 71 FR 41491 (July 21, 2006) (SR–
NYSE–2006–48); 54985 (December 21, 2006), 72 FR
171 (January 3, 2007) (SR–NYSE–2006–113); 55992
(June 29, 2007), 72 FR 37289 (July 9, 2007) (SR–
NYSE–2007–57); 56556 (September 27, 2007), 72
FR 56421 (October 3, 2007) (SR–NYSE–2007–86);
and 57072 (December 31, 2007), 73 FR 1252
(January 7, 2008) (SR–NYSE–2007–125).
6 See Securities Exchange Act Release No. 53549
(March 24, 2006), 71 FR 16388 (March 31, 2006)
(SR–NYSE–2006–11) (making certain amendments
to the Moratorium).
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16:09 Apr 07, 2008
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additional time to decide what roles, if
any, RCMMs and CTs should perform in
the evolving market model.
The Exchange will issue an
Information Memo announcing the
extension of the Moratorium.
2. Statutory Basis
The basis under the Act 7 for this
proposed rule change is the requirement
under Section 6(b)(5) 8 that an exchange
have rules that are 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. The Exchange is
currently reviewing the data related to
RCMMs and CTs to evaluate its trading
volume in the current, more electronic
market. Since it is undergoing
significant developments in its
technology and its market model, the
Exchange believes that an extension of
time to finalize its determination of
what, if any, roles the RCMMs and CTs
will play in this evolving marketplace
could potentially remove impediments
to, and better improve, the mechanism
of a free and open market.
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
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 proposed rule change: (i)
Does not significantly affect the
protection of investors or the public
interest; (ii) does not impose any
significant burden on competition; and
(iii) does not become operative for 30
days after the date of the filing, or such
shorter time as the Commission may
designate if consistent with the
protection of investors and the public
interest, the proposed rule change has
become effective pursuant to Section
7 15
8 15
PO 00000
U.S.C. 78a.
U.S.C. 78f(b)(5).
Frm 00078
Fmt 4703
Sfmt 4703
19(b)(3)(A) of the Act 9 and Rule 19b–
4(f)(6) thereunder.10
A proposed rule change filed
pursuant to Rule 19b–4(f)(6) under the
Act 11 normally does not become
operative for 30 days after the date of its
filing. However, Rule 19b–4(f)(6)(iii) 12
permits the Commission to designate a
shorter time if such action is consistent
with the protection of investors and the
public interest. The NYSE has requested
that the Commission waive the 30-day
operative delay. The Commission
believes that waiving the 30-day
operative delay is consistent with the
protection of investors and the public
interest because it would allow the
Moratorium to continue without
interruption so that the Exchange may
have additional time to make a final
determination as to the future roles of
RCMMs and CTs in the Hybrid Market,
if any, and to file with the Commission
a proposed rule change outlining such
roles. For these reasons, the
Commission designates that the
proposed rule change become operative
immediately.13
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
the 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
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). Pursuant to Rule 19b–
4(f)(6)(iii) under the Act, the Exchange is required
to give the Commission 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 requested that the Commission waive the 5-day
pre-filing notice requirement. The Commission has
determined to waive this requirement to allow the
Exchange to file its proposal to extend the
Moratorium, which expires on March 31, 2008,
without delay.
11 17 CFR 240.19b–4(f)(6).
12 17 CFR 240.19b–4(f)(6)(iii).
13 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. 15 U.S.C. 78c(f).
10 17
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08APN1
Federal Register / Vol. 73, No. 68 / Tuesday, April 8, 2008 / Notices
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NYSE–2008–22 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–NYSE–2008–22. 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 the 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–NYSE–
2008–22 and should be submitted on or
before April 29, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.14
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8–7308 Filed 4–7–08; 8:45 am]
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BILLING CODE 8011–01–P
14 17
CFR 200.30–3(a)(12).
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SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57603; File No. SR–
NYSEArca–2007–104]
Self-Regulatory Organizations; NYSE
Arca, Inc.; Notice of Filing of Proposed
Rule Change and Amendment No. 1
Thereto Relating to Listing Standards
for Warrants, Rights, and Units
April 2, 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 October
3, 2007, NYSE Arca, Inc. (‘‘NYSE Arca’’
or ‘‘Exchange’’), through its wholly
owned subsidiary, NYSE Arca Equities,
Inc. (‘‘NYSE Arca Equities’’), 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
Exchange. On March 27, 2008, the
Exchange filed Amendment No. 1 to the
proposed rule change. The Commission
is publishing this notice to solicit
comments on the proposed rule change,
as amended, from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The Exchange proposes to amend
NYSE Arca Equities Rules 5.2(f) and
5.5(e), which relate to the Exchange’s
initial and continued listing standards
for warrants, to apply such standards to
rights to purchase listed securities. In
addition, the Exchange proposes to
adopt new NYSE Arca Equities Rule
5.2(k) which relate to listing
requirements for Units.3 The text of the
proposed rule change is available at the
Exchange, the Commission’s Public
Reference Room, and https://
www.nyse.com.
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 ‘‘Units’’ are defined as paired securities which
may be transferred and traded only in combination
with one another as a single economic unit. See
NYSE Arca Equities Rule 5.1(b)(20). Currently, the
Exchange has continued listing standards for Units
in NYSE Arca Equities Rule 5.5(a), which references
NYSE Arca Equities Rules 5.5(b)–(e). NYSE Arca
Equities Rules 5.5(b)–(e) relate to the continued
listing requirements for common stock and common
stock equivalent securities, preferred stock and
secondary classes of common stock, bonds and
debentures, and warrants, respectively. See NYSE
Arca Equities Rules 5.5(b)–(e). See also infra note
8.
2 17
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19125
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
Exchange 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
Exchange 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 Exchange proposes to: (1) Amend
NYSE Arca Equities Rules 5.2(f) and
5.5(e), the Exchange’s initial and
continued listing standards for warrants,
to apply such standards to rights to
purchase securities; 4 and (2) adopt new
NYSE Arca Equities Rule 5.2(k) to add
listing standards for Units. The
Exchange states that the proposed rule
changes herein are modeled upon the
rules of The NASDAQ Stock Market
LLC (‘‘Nasdaq’’).5
Listing Standards for Warrants and
Rights
Currently, NYSE Arca Equities Rule
5.2(f) addresses the Exchange’s initial
listing standards for warrants. The
Exchange proposes to add rights to this
Rule and apply these same initial listing
standards to both warrants and rights to
purchase securities.6 As is the case for
4 The initial and continued listing standards for
warrants under NYSE Arca Equities Rules 5.2(f) and
5.5(e), respectively, were approved by the
Commission in 1994. See Securities Exchange Act
Release No. 34429 (July 22, 1994), 59 FR 38998
(August 1, 1994) (SR–PSE–93–12) (approving
quantitative and qualitative listing standards with
respect to common stock, preferred stock, bonds
and debentures, warrants, contingent value rights,
and other securities).
5 The Exchange states that Nasdaq’s initial listing
standards for warrants and rights are set forth in
Nasdaq Rule 4420(d), and its continued listing
standards for warrants and rights are set forth in
Nasdaq Rule 4450(d). In addition, Nasdaq’s initial
listing standards for units are set forth in Nasdaq
Rule 4420(h). The Exchange also states that the
proposal regarding the listing standards for Units
are based, in part, on provisions contained in the
Company Guide of the American Stock Exchange
LLC (‘‘Amex’’). See infra note 11.
6 The Exchange states that Nasdaq made a similar
change to its rule, which is now contained in
Nasdaq Rule 4420(d). See Securities Exchange Act
Release No. 43435 (October 11, 2000), 65 FR 62779
(October 19, 2000) (SR–NASD–99–69) (approving,
among other things, the inclusion of rights in the
initial listing standards for warrants).
E:\FR\FM\08APN1.SGM
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]]>Agencies
[Federal Register Volume 73, Number 68 (Tuesday, April 8, 2008)]
[Notices]
[Pages 19123-19125]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-7308]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57601; File No. SR-NYSE-2008-22]
Self-Regulatory Organizations; New York Stock Exchange LLC;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
To Extend the Moratorium on the Qualification and Registration of New
Registered Competitive Market Makers and New Competitive Traders,
Governed by NYSE Rules 107A and 110, Respectively, for an Additional
Three Months
April 2, 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 26, 2008, the New York Stock Exchange LLC (``NYSE'' 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 substantially prepared by the Exchange.
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.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to extend for three months the moratorium
related to the qualification and registration of Registered Competitive
Market Makers (``RCMMs''), pursuant to Exchange Rule 107A, and
Competitive Traders (``CTs''), pursuant to Exchange Rule 110
(``Moratorium''). The text of the proposed rule change is available at
https://www.nyse.com, the NYSE, 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, the Exchange included statements
concerning the purpose of, and basis for, the proposed rule change. The
text of these statements may be examined at the places specified in
Item IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant aspects of such
statements.
[[Page 19124]]
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange proposes to extend for three months the current
Moratorium related to the qualification and registration of RCMMs,
pursuant to Exchange Rule 107A, and CTs, pursuant to Exchange Rule 110.
On September 22, 2005, the Exchange filed SR-NYSE-2005-63 \3\ with
the Commission proposing to implement a moratorium on the qualification
and registration of new RCMMs and CTs. The purpose of the Moratorium
was to allow the Exchange an opportunity to review the viability of
RCMMs and CTs in the NYSE HYBRID MARKET \SM\ (``Hybrid Market'').\4\
During each phase of the Hybrid Market, new system functionality
was included in the operation of Exchange systems, and new data was
generated. As a result, the Exchange was unable to make an informed
decision as to the viability of RCMMs and CTs in the Hybrid Market. The
phased-in implementation of the Hybrid Market required the Exchange to
extend the Moratorium an additional five times over the next twenty-one
(21) months.\5\
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 52648 (October 21,
2005), 70 FR 62155 (October 28, 2005) (SR-NYSE-2005-63).
\4\ See Securities Exchange Act Release No. 53539 (March 22,
2006), 71 FR 16353 (March 31, 2006) (SR-NYSE-2004-05) (establishing
the Hybrid Market).
\5\ See Securities Exchange Act Release Nos. 54140 (July 13,
2006), 71 FR 41491 (July 21, 2006) (SR-NYSE-2006-48); 54985
(December 21, 2006), 72 FR 171 (January 3, 2007) (SR-NYSE-2006-113);
55992 (June 29, 2007), 72 FR 37289 (July 9, 2007) (SR-NYSE-2007-57);
56556 (September 27, 2007), 72 FR 56421 (October 3, 2007) (SR-NYSE-
2007-86); and 57072 (December 31, 2007), 73 FR 1252 (January 7,
2008) (SR-NYSE-2007-125).
---------------------------------------------------------------------------
The Exchange is now proposing to extend the Moratorium, as
amended,\6\ for an additional three months to June 30, 2008 in order to
finalize its determination as to the roles of RCMMs and CTs in the
Exchange's Hybrid Market and to formally submit a proposal to the
Commission outlining the role, if any, these classes of traders have in
the Exchange's evolving market.
---------------------------------------------------------------------------
\6\ See Securities Exchange Act Release No. 53549 (March 24,
2006), 71 FR 16388 (March 31, 2006) (SR-NYSE-2006-11) (making
certain amendments to the Moratorium).
---------------------------------------------------------------------------
The Exchange continues to review the data related to RCMMs' and
CTs' current trading on the NYSE. Nevertheless, the Exchange is
currently undergoing significant developments in its technology and its
market model. Accordingly, the Exchange requests additional time to
decide what roles, if any, RCMMs and CTs should perform in the evolving
market model.
The Exchange will issue an Information Memo announcing the
extension of the Moratorium.
2. Statutory Basis
The basis under the Act \7\ for this proposed rule change is the
requirement under Section 6(b)(5) \8\ that an exchange have rules that
are 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. The Exchange is currently reviewing
the data related to RCMMs and CTs to evaluate its trading volume in the
current, more electronic market. Since it is undergoing significant
developments in its technology and its market model, the Exchange
believes that an extension of time to finalize its determination of
what, if any, roles the RCMMs and CTs will play in this evolving
marketplace could potentially remove impediments to, and better
improve, the mechanism of a free and open market.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78a.
\8\ 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
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 proposed rule change: (i) Does not significantly affect
the protection of investors or the public interest; (ii) does not
impose any significant burden on competition; and (iii) does not become
operative for 30 days after the date of the filing, or such shorter
time as the Commission may designate if consistent with the protection
of investors and the public interest, the proposed rule change has
become effective pursuant to Section 19(b)(3)(A) of the Act \9\ and
Rule 19b-4(f)(6) thereunder.\10\
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\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). Pursuant to Rule 19b-4(f)(6)(iii)
under the Act, the Exchange is required to give the Commission
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 requested that the Commission waive the 5-day pre-
filing notice requirement. The Commission has determined to waive
this requirement to allow the Exchange to file its proposal to
extend the Moratorium, which expires on March 31, 2008, without
delay.
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A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the
Act \11\ normally does not become operative for 30 days after the date
of its filing. However, Rule 19b-4(f)(6)(iii) \12\ permits the
Commission to designate a shorter time if such action is consistent
with the protection of investors and the public interest. The NYSE has
requested that the Commission waive the 30-day operative delay. The
Commission believes that waiving the 30-day operative delay is
consistent with the protection of investors and the public interest
because it would allow the Moratorium to continue without interruption
so that the Exchange may have additional time to make a final
determination as to the future roles of RCMMs and CTs in the Hybrid
Market, if any, and to file with the Commission a proposed rule change
outlining such roles. For these reasons, the Commission designates that
the proposed rule change become operative immediately.\13\
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\11\ 17 CFR 240.19b-4(f)(6).
\12\ 17 CFR 240.19b-4(f)(6)(iii).
\13\ 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. 15 U.S.C. 78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate the 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
[[Page 19125]]
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSE-2008-22 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-NYSE-2008-22. 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 the 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-
NYSE-2008-22 and should be submitted on or before April 29, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\14\
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\14\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-7308 Filed 4-7-08; 8:45 am]
BILLING CODE 8011-01-P
