In the Matter of: e.Spire Communications, Inc., Empire of Carolina, Inc., Genfinity Corp. GSI Securitization Ltd. (n/k/a GSI Securitization, Inc.), Interliant, Inc. (n/k/a I Successor Corp.), Namibian Minerals Corp., Nix Co., Ltd. (n/k/a Global Energy Resources, Inc.) Number Nine Visual Technology Corp. (n/k/a International Precious Minerals Group, Inc.) NVID International, Inc., Oncor, Inc., and USCI, Inc.; Order of Suspension of Trading, 30986-30987 [08-1307]
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30986
Federal Register / Vol. 73, No. 104 / Thursday, May 29, 2008 / Notices
time to expiration are converted to a
conventional expiration symbol,
generally when they have less than nine
months to expiration.
By agreeing to a uniform time frame
for the introduction of new LEAP series,
the Participants to the OLPP intend to
mitigate the number of option series
available for trading during certain
times of the year. The Participants to the
OLPP intend that this will in turn lessen
the rate of increase in quote traffic,
because quotes will not be generated in
the not-yet-available series.
In 2007, if this proposal had been in
effect, the industry would have
eliminated one and a half billion
(1,500,000,000) quotes over the three
months of June, July, and August, out of
just less than 100 billion quotes over all,
for a savings of 1.5%. The affected
series, however, generated less than
three million (3,000,000) contracts
traded in the same period, out of more
than seven hundred eighty million
(780,000,000) contracts total industry
volume, or approximately .38%. The
exchanges agree that the benefit from
reduced quoting levels greatly exceeds
the small cost in missed business.
Previously, in an order dated
September 8, 1999, as confirmed in a
letter from the Director of the Division
of Market Regulation dated September
13, 2000, the Commission directed the
then-current options exchanges to act
jointly to develop strategies to address
overall capacity concerns.
The amendment also grants authority
to the Participants to the OLPP to
coordinate the date of introduction of
new LEAP classes, so as to provide the
least disruption on the options industry
by having the flexibility to avoid
holidays, expiration periods, and
industry wide tests which are scheduled
from time to time.
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III. Discussion
After careful consideration, the
Commission finds that the proposed
amendment to the OLPP is consistent
with the requirements of the Act and the
rules and regulations thereunder.6 In
particular, the Commission finds that
the proposed amendment is consistent
with the provisions of Section 11A of
the Act 7 and Rule 608 of Regulation
NMS thereunder,8 in that it is
appropriate in the public interest, for
the protection of investors and the
maintenance of fair and orderly markets.
Specifically, the Commission believes
6 In approving this amendment, the Commission
has considered its impact on efficiency,
competition, and capital formation. See U.S.C.
78c(f).
7 15 U.S.C. 78k–1.
8 17 CFR 242.608(b)(4).
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17:45 May 28, 2008
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that by adopting a uniform time frame
for the introduction of new LEAP series
on equity option classes, options on
ETFs, and options on TIRs, the options
exchanges will reduce the number of
option series available for trading
during certain times of the year, and
thus may reduce increases in the
options quote rate because market
participants will not be submitting
quotes in the not-yet-available LEAP
series. In addition, the Commission
finds that it is appropriate to put
Amendment No. 1 into effect summarily
upon publication of this notice on a
temporary basis. The Commission
believes that such action is appropriate
in the public interest, for the protection
of investors, and the maintenance of fair
and orderly markets because it will
allow the options exchanges to
implement the initiative to reduce quote
message traffic beginning immediately.9
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
Section, 100 F Street, NE., Washington,
DC 20549–1090 on 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 Exchanges.
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 4–443 and should be submitted
on or before June 19, 2008.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether proposed
Amendment No. 1 is consistent with the
Act. Comments may be submitted by
any of the following methods:
It is therefore ordered, pursuant to
Section 11A of the Act,10 and Rule 608
thereunder 11 that proposed
Amendment No. 1 be, and it hereby is,
approved on a temporary basis until
September 19, 2008.
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
Numbers 4–443 in 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
Numbers 4–443. These file numbers
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
9 The Commission notes that the options
exchanges need not submit proposed rule changes
for Commission approval in order to implement this
initiative to mitigate quote traffic. See supra note
5.
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Fmt 4703
Sfmt 4703
V. Conclusion
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Nancy M. Morris,
Secretary.
[FR Doc. E8–11930 Filed 5–28–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
In the Matter of: e.Spire
Communications, Inc., Empire of
Carolina, Inc., Genfinity Corp. GSI
Securitization Ltd.
(n/k/a GSI Securitization, Inc.),
Interliant, Inc. (n/k/a I Successor
Corp.), Namibian Minerals Corp., Nix
Co., Ltd. (n/k/a Global Energy
Resources, Inc.) Number Nine Visual
Technology Corp. (n/k/a International
Precious Minerals Group, Inc.) NVID
International, Inc., Oncor, Inc., and
USCI, Inc.; Order of Suspension of
Trading
May 27, 2008.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of e.Spire
Communications, Inc., including but not
limited to its debt securities, because it
10 15
U.S.C. 78k–1.
CFR 242.608(b)(4).
12 17 CFR 200.30–3(a)(29).
11 17
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jlentini on PROD1PC65 with NOTICES
Federal Register / Vol. 73, No. 104 / Thursday, May 29, 2008 / Notices
has not filed any periodic reports since
the period ended September 30, 2001.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Empire of
Carolina, Inc. because it has not filed
any periodic reports since the period
ended September 30, 2000.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Genfinity
Corp. because it has not filed any
periodic reports since the period ended
December 31, 2000.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of GSI
Securitization Ltd. (n/k/a GSI
Securitization, Inc.) because it has not
filed any periodic reports since the
period ended September 30, 2003.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Interliant,
Inc. (n/k/a I Successor Corp.) because it
has not filed any periodic reports since
the period ended December 31, 2002.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Namibian
Minerals Corp. because it has not filed
any periodic reports since the period
ended March 31, 2001.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Nix Co.,
Ltd. (n/k/a Global Energy Resources,
Inc.) because it has not filed any
periodic reports since the period ended
December 31, 1999.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Number
Nine Visual Technology Corp. (n/k/a
International Precious Minerals Group,
Inc.) because it has not filed any
periodic reports since the period ended
October 2, 1999.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of NVID
International, Inc. because it has not
filed any periodic reports since the
period ended June 30, 2001.
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of Oncor, Inc.
because it has not filed any periodic
reports since the period ended June 30,
1999.
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17:45 May 28, 2008
Jkt 214001
It appears to the Securities and
Exchange Commission that there is a
lack of current and accurate information
concerning the securities of USCI, Inc.
because it has not filed any periodic
reports since the period ended June 30,
2001.
The Commission is of the opinion that
the public interest and the protection of
investors require a suspension of trading
in the securities of the above-listed
companies.
Therefore, it is ordered, pursuant to
Section 12(k) of the Securities Exchange
Act of 1934, that trading in the
securities of the above-listed companies,
including but not limited to the debt
securities of e.Spire Communications,
Inc., is suspended for the period from
9:30 a.m. EDT on May 27, 2008, through
11:59 p.m. EDT on June 9, 2008.
By the Commission.
Florence Harmon,
Acting Secretary.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 08–1307 Filed 5–27–08; 11:37 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–57847; File No. SR–ISE–
2008–29]
Self-Regulatory Organizations;
International Securities Exchange,
LLC; Order Approving Proposed Rule
Change Relating to the Price
Improvement Mechanism
May 21, 2008.
I. Introduction
On March 20, 2008, the International
Securities Exchange, LLC (‘‘ISE’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’), pursuant
to section 19(b)(1) of the Securities
Exchange Act of 1934 (‘‘Act’’) 1 and Rule
19b–4 thereunder,2 a proposed rule
change to allow members to enter orders
into the Price Improvement Mechanism
(‘‘PIM’’) at a price that matches the
national best bid or offer (‘‘NBBO’’)
when the ISE market is inferior to the
NBBO. The proposed rule change was
published for comment in the Federal
Register on April 14, 2008.3 The
Commission received one comment
letter regarding the proposal.4 This
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 See Securities Exchange Act Release No. 57632
(April 8, 2008), 73 FR 20079.
4 See letter from Lisa J. Fall, General Counsel,
Boston Options Exchange (‘‘BOX’’), to Nancy M.
Morris, Secretary, Commission, dated May 14, 2007
(‘‘BOX Comment’’).
2 17
PO 00000
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Fmt 4703
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30987
order approves the proposed rule
change.
II. Description of the Proposal
The PIM currently allows certain ISE
members to enter two-sided orders
(‘‘Crossing Transaction’’) for execution
at a price that improves upon the
NBBO.5 The customer side of these
orders is then exposed to other members
to give them an opportunity to
participate in the trade at the proposed
cross price or better. The Exchange
proposes to extend the application of
the PIM to permit a member to enter an
order (‘‘Agency Order’’) into the PIM at
a price that is equal to the NBBO when
the ISE’s best bid or offer (‘‘ISE BBO’’)
is inferior to the NBBO. When the ISE
BBO equals the NBBO, the member will
continue to be required to enter a price
at least one cent better than the NBBO.6
The Commission received one
comment letter regarding the proposed
rule change.7 The commenter expresses
concern that ISE’s proposal would lead
to greater rates of internalization and
reduced amounts of price improvement
being made available to public
customers on ISE, especially to small
orders under 50 contracts.8 The
commenter further believes that the
proposal would reduce the incentive for
market participants to quote at the
NBBO on ISE.9
III. Discussion and Commission
Findings
After carefully considering the
proposal and the comment submitted,
the Commission finds that the proposed
rule change is consistent with the
requirements of the Act and the rules
and regulations thereunder applicable to
a national securities exchange 10 and, in
particular, the requirements of section 6
of the Act.11 Specifically, the
Commission finds that the proposed
rule change is consistent with section
6(b)(5) of the Act,12 which requires,
among other things, that the rules of a
national securities exchange be
designed to promote just and equitable
principles of trade, remove
impediments to and perfect the
mechanisms of a free and open market
and a national market system and, in
5 See Securities Exchange Act Release No. 50819
(December 8, 2004), 69 FR 75093 (December 15,
2004) (approving rules implementing the PIM).
6 See ISE Rule 723(b)(1).
7 See BOX Comment, supra note 4.
8 Id. at 1 and 5.
9 Id. at 4.
10 In approving this proposed rule change the
Commission has considered the proposed rule’s
impact on efficiency, competition, and capital
formation. 15 U.S.C. 78c(f).
11 15 U.S.C. 78f.
12 15 U.S.C. 78f(b)(5).
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]]>Agencies
[Federal Register Volume 73, Number 104 (Thursday, May 29, 2008)]
[Notices]
[Pages 30986-30987]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: 08-1307]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[File No. 500-1]
In the Matter of: e.Spire Communications, Inc., Empire of
Carolina, Inc., Genfinity Corp. GSI Securitization Ltd. (n/k/a GSI
Securitization, Inc.), Interliant, Inc. (n/k/a I Successor Corp.),
Namibian Minerals Corp., Nix Co., Ltd. (n/k/a Global Energy Resources,
Inc.) Number Nine Visual Technology Corp. (n/k/a International Precious
Minerals Group, Inc.) NVID International, Inc., Oncor, Inc., and USCI,
Inc.; Order of Suspension of Trading
May 27, 2008.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
e.Spire Communications, Inc., including but not limited to its debt
securities, because it
[[Page 30987]]
has not filed any periodic reports since the period ended September 30,
2001.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Empire of Carolina, Inc. because it has not filed any periodic reports
since the period ended September 30, 2000.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Genfinity Corp. because it has not filed any periodic reports since the
period ended December 31, 2000.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
GSI Securitization Ltd. (n/k/a GSI Securitization, Inc.) because it has
not filed any periodic reports since the period ended September 30,
2003.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Interliant, Inc. (n/k/a I Successor Corp.) because it has not filed any
periodic reports since the period ended December 31, 2002.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Namibian Minerals Corp. because it has not filed any periodic reports
since the period ended March 31, 2001.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Nix Co., Ltd. (n/k/a Global Energy Resources, Inc.) because it has not
filed any periodic reports since the period ended December 31, 1999.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Number Nine Visual Technology Corp. (n/k/a International Precious
Minerals Group, Inc.) because it has not filed any periodic reports
since the period ended October 2, 1999.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
NVID International, Inc. because it has not filed any periodic reports
since the period ended June 30, 2001.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
Oncor, Inc. because it has not filed any periodic reports since the
period ended June 30, 1999.
It appears to the Securities and Exchange Commission that there is
a lack of current and accurate information concerning the securities of
USCI, Inc. because it has not filed any periodic reports since the
period ended June 30, 2001.
The Commission is of the opinion that the public interest and the
protection of investors require a suspension of trading in the
securities of the above-listed companies.
Therefore, it is ordered, pursuant to Section 12(k) of the
Securities Exchange Act of 1934, that trading in the securities of the
above-listed companies, including but not limited to the debt
securities of e.Spire Communications, Inc., is suspended for the period
from 9:30 a.m. EDT on May 27, 2008, through 11:59 p.m. EDT on June 9,
2008.
By the Commission.
Florence Harmon,
Acting Secretary.
Jill M. Peterson,
Assistant Secretary.
[FR Doc. 08-1307 Filed 5-27-08; 11:37 am]
BILLING CODE 8010-01-P
