Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving Proposed Rule Change, and Amendment No. 1 Thereto, To Amend Rule 903C To Permit the Listing and Trading of Additional Index Options Series, 33125-33126 [E8-13038]

Download as PDF Federal Register / Vol. 73, No. 113 / Wednesday, June 11, 2008 / Notices applicable federal securities laws.23 Specifically, the Amex will rely on its existing surveillance procedures applicable to derivative securities products, including Paired Trust Shares, to monitor trading in the Shares. In addition, the Exchange also has a general policy prohibiting the distribution of material, non-public information by its employees. The Exchange currently has in place a comprehensive surveillance sharing agreement with the NYMEX for the purpose of providing information in connection with trading in, or related to, futures contracts traded on the NYMEX that will serve as the Applicable Reference Price of Crude Oil. This agreement supports the surveillance responsibilities of the two exchanges, including monitoring for fraudulent and manipulative practices in the trading of the Shares. The Exchange also notes that NYMEX is a member of the Intermarket Surveillance Group (‘‘ISG’’) and a signatory to the existing ISG Agreement, as is the Amex. Pursuant to the ISG Agreement, NYMEX has the obligation to provide relevant surveillance information in response to a request from Amex.24 2. Statutory Basis The basis under the Act for this proposed rule change is the requirement under Section 6(b)(5) 25 that a national securities exchange have rules that are designed to prevent fraudulent and manipulative acts and practices, to promote just and equitable principles of trade, to foster cooperation and coordination with persons engaged in facilitating transactions in securities, 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 believes that the proposed rule amendments will facilitate the listing and trading of additional types of exchange-traded products that will enhance competition among market participants, to the benefit of investors and the marketplace. In addition, the listing and trading criteria set forth in the proposed rules are intended to protect investors and the public interest. sroberts on PROD1PC70 with NOTICES 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 23 See May 30 E-mail supra note 17. id. 25 15 U.S.C. 78f(b)(5). 24 See VerDate Aug<31>2005 16:13 Jun 10, 2008 Jkt 214001 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 Written comments on the proposed rule change were neither solicited nor received. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which the self-regulatory organization consents, the Commission will: A. By order approve such proposed rule change, or B. Institute proceedings to determine whether the proposed rule change should be disapproved. The Exchange has requested accelerated approval of this proposed rule change prior to the 30th day after the date of publication of the notice of the filing thereof. The Commission is considering granting accelerated approval of the proposed rule change at the end of a 15-day comment period. 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 Number SR–Amex–2008–36 on the subject line. 33125 Internet Web site (https://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room, 100 F Street, NE., Washington, DC 20549, on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of 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–Amex–2008–36 and should be submitted on or before June 26, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.26 Florence E. Harmon, Acting Secretary. [FR Doc. E8–13030 Filed 6–10–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57916; File No. SR–Amex– 2008–14] Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving Proposed Rule Change, and Amendment No. 1 Thereto, To Amend Rule 903C To Permit the Listing and Trading of Additional Index Options Series June 4, 2008. I. Introduction On February 20, 2008, the American Paper Comments Stock Exchange LLC (‘‘Amex’’ or • Send paper comments in triplicate ‘‘Exchange’’) filed with the Securities to Secretary, Securities and Exchange and Exchange Commission Commission, 100 F Street, NE., (‘‘Commission’’), pursuant to Section Washington, DC 20549–1090. 19(b)(1) of the Securities Exchange Act All submissions should refer to File of 1934 (the ‘‘Act’’),1 and Rule 19b–4 Number SR–Amex–2008–36. This file thereunder,2 a proposed rule change to number should be included on the amend Rule 903C to permit the listing subject line if e-mail is used. To help the and trading of additional index options Commission process and review your comments more efficiently, please use 26 17 CFR 200.30–3(a)(12). 1 15 U.S.C. 78s(b)(1). only one method. The Commission will 2 17 CFR 240.19b–4. post all comments on the Commission’s PO 00000 Frm 00061 Fmt 4703 Sfmt 4703 E:\FR\FM\11JNN1.SGM 11JNN1 33126 Federal Register / Vol. 73, No. 113 / Wednesday, June 11, 2008 / Notices series that do not meet current requirements. On April 24, 2008, Amex submitted Amendment No. 1 to the proposed rule change. The proposed rule change was published for comment in the Federal Register on May 1, 2008.3 The Commission received no comments on the proposal. This order approves the proposed rule change, as amended. sroberts on PROD1PC70 with NOTICES II. Description of the Proposal The Exchange proposes to add new Commentary .06 to Rule 903C to permit the listing and trading of additional index options series that do not meet current Rule 903C requirements if such options series are listed on at least one other national securities exchange in accordance with the applicable rules of such exchange for the listing and trading of index options. For each additional options series listed by the Exchange pursuant to proposed Commentary .06, the Exchange would submit a proposed rule change with the Commission that is effective upon filing within the meaning of Section 19(b)(3)(A) of the Act. Rule 903C provides the mechanism for the Exchange to list or open options expiration month series on particular index options classes approved for listing and trading on the Exchange. Currently, up to six expiration month series may be listed at any one time. Amex Rule 903C(a) permits the Exchange to open options expiration month series on approved index options classes as follows: (i) Consecutive Month Series; (ii) Cycle Month Series; (iii) Long-Term Options Series; (iv) Short-Term (1 week) Options Series; and (v) Quarterly Options Series. This proposal seeks to permit the Exchange to list additional index options expiration month series if another options exchange does so, regardless of whether the additional series listing complies with the requirements of Rule 903C. Consistent with this proposal, the index options class must either be specifically reviewed and approved by the Commission under Section 19(b)(2) of the Act and rules thereunder, or comply with Commentary .02 or .03 to Rule 901C, for the Exchange to be able to list the additional series. III. Discussion and Commission Findings 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 3 See Securities Exchange Act Release No. 57707 (April 24, 2008), 73 FR 24098 (‘‘Notice’’). VerDate Aug<31>2005 16:13 Jun 10, 2008 Jkt 214001 exchange.4 In particular, the Commission finds that the proposal is consistent with Section 6(b)(5) of the Act,5 which requires that an exchange have rules 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 Commission notes that in order for Amex to list any additional expiration month series of an index option class pursuant to new Commentary .06 to Rule 903C, such series must: (1) Be already listed on another options exchange; (2) belong to an index options class that has been specifically reviewed and approved by the Commission under Section 19(b)(2) of the Act or that complies with Commentary .02 or .03 to Rule 901C; and (3) Amex must submit a proposed rule change with the Commission that is effective upon filing within the meaning of Section 19(b)(3)(A) of the Act.6 In addition, the Commission notes that the proposal would allow Amex the ability to quickly list and trade additional expiration month series of an index options class based on the listing of the series by another options exchange. IV. Conclusion It is therefore ordered, pursuant to Section 19(b)(2) of the Act,7 that the proposed rule change (SR–Amex–2008– 14), as modified by Amendment No. 1, is hereby approved. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.8 Florence E. Harmon, Acting Secretary. [FR Doc. E8–13038 Filed 6–10–08; 8:45 am] BILLING CODE 8010–01–P 4 In approving this proposed rule change, the Commission notes that it has considered the proposed rule’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). 5 15 U.S.C. 78f(b)(5). 6 Commentary .02 (Broad Stock Index Groups) and Commentary .03 (Stock Index Industry Groups) of Rule 901C provide the requirements that must be met before those specific options groups may be traded on the Exchange pursuant to Rule 19b–4(e) under the Act. 7 15 U.S.C. 78s(b)(2). 8 17 CFR 200.30–3(a)(12). PO 00000 Frm 00062 Fmt 4703 Sfmt 4703 SECURITIES AND EXCHANGE COMMISSION [Release No. 34–57918; File No. SR–Amex– 2008–42] Self-Regulatory Organizations; American Stock Exchange LLC; Notice of Filing and Order Granting Accelerated Approval of Proposed Rule Change Relating to Equity Linked Term Notes June 4, 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 May 16, 2008, the American Stock Exchange LLC (‘‘Amex’’ 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. This order provides notice of the proposed rule change and approves it on an accelerated basis. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to revise Section 107B of the Amex Company Guide (‘‘Company Guide’’) to clarify that Rule 19b–4(e) under the Act 3 applies to the listing of equity-linked term notes (‘‘ELNs’’) 4 that meet the generic listing criteria of Section 107B. The text of the proposed rule change is available at Amex’s principal office, the Commission’s Public Reference Room, and https://www.amex.com. II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, Amex 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 III below. Amex has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. 1 15 U.S.C. 78s(b)(1). CFR 240.19b–4. 3 17 CFR 240.19b–4(e). 4 ELNs are the non-convertible debt of an issuer, whose value is based, at least in part, on the value of another issuer’s common stock or nonconvertible preferred stock. 2 17 E:\FR\FM\11JNN1.SGM 11JNN1

Agencies

SECURITIES AND EXCHANGE COMMISSION

[Federal Register Volume 73, Number 113 (Wednesday, June 11, 2008)]
[Notices]
[Pages 33125-33126]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-13038]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-57916; File No. SR-Amex-2008-14]


Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Approving Proposed Rule Change, and Amendment No. 1 Thereto, To Amend 
Rule 903C To Permit the Listing and Trading of Additional Index Options 
Series

June 4, 2008.

I. Introduction

    On February 20, 2008, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (the ``Act''),\1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend Rule 903C to permit the listing and 
trading of additional index options

[[Page 33126]]

series that do not meet current requirements. On April 24, 2008, Amex 
submitted Amendment No. 1 to the proposed rule change. The proposed 
rule change was published for comment in the Federal Register on May 1, 
2008.\3\ The Commission received no comments on the proposal. This 
order approves the proposed rule change, as amended.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 57707 (April 24, 
2008), 73 FR 24098 (``Notice'').
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II. Description of the Proposal

    The Exchange proposes to add new Commentary .06 to Rule 903C to 
permit the listing and trading of additional index options series that 
do not meet current Rule 903C requirements if such options series are 
listed on at least one other national securities exchange in accordance 
with the applicable rules of such exchange for the listing and trading 
of index options. For each additional options series listed by the 
Exchange pursuant to proposed Commentary .06, the Exchange would submit 
a proposed rule change with the Commission that is effective upon 
filing within the meaning of Section 19(b)(3)(A) of the Act.
    Rule 903C provides the mechanism for the Exchange to list or open 
options expiration month series on particular index options classes 
approved for listing and trading on the Exchange. Currently, up to six 
expiration month series may be listed at any one time. Amex Rule 
903C(a) permits the Exchange to open options expiration month series on 
approved index options classes as follows: (i) Consecutive Month 
Series; (ii) Cycle Month Series; (iii) Long-Term Options Series; (iv) 
Short-Term (1 week) Options Series; and (v) Quarterly Options Series. 
This proposal seeks to permit the Exchange to list additional index 
options expiration month series if another options exchange does so, 
regardless of whether the additional series listing complies with the 
requirements of Rule 903C.
    Consistent with this proposal, the index options class must either 
be specifically reviewed and approved by the Commission under Section 
19(b)(2) of the Act and rules thereunder, or comply with Commentary .02 
or .03 to Rule 901C, for the Exchange to be able to list the additional 
series.

III. Discussion and Commission Findings

    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.\4\ In 
particular, the Commission finds that the proposal is consistent with 
Section 6(b)(5) of the Act,\5\ which requires that an exchange have 
rules 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.
---------------------------------------------------------------------------

    \4\ In approving this proposed rule change, the Commission notes 
that it has considered the proposed rule's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

    The Commission notes that in order for Amex to list any additional 
expiration month series of an index option class pursuant to new 
Commentary .06 to Rule 903C, such series must: (1) Be already listed on 
another options exchange; (2) belong to an index options class that has 
been specifically reviewed and approved by the Commission under Section 
19(b)(2) of the Act or that complies with Commentary .02 or .03 to Rule 
901C; and (3) Amex must submit a proposed rule change with the 
Commission that is effective upon filing within the meaning of Section 
19(b)(3)(A) of the Act.\6\ In addition, the Commission notes that the 
proposal would allow Amex the ability to quickly list and trade 
additional expiration month series of an index options class based on 
the listing of the series by another options exchange.
---------------------------------------------------------------------------

    \6\ Commentary .02 (Broad Stock Index Groups) and Commentary .03 
(Stock Index Industry Groups) of Rule 901C provide the requirements 
that must be met before those specific options groups may be traded 
on the Exchange pursuant to Rule 19b-4(e) under the Act.
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-Amex-2008-14), as modified by 
Amendment No. 1, is hereby approved.
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\8\
---------------------------------------------------------------------------

    \8\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Acting Secretary.
 [FR Doc. E8-13038 Filed 6-10-08; 8:45 am]
BILLING CODE 8010-01-P

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