Self-Regulatory Organizations; American Stock Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to an Extension of the Linkage Fee Pilot Program, 39744-39746 [E8-15638]

Download as PDF 39744 Federal Register / Vol. 73, No. 133 / Thursday, July 10, 2008 / Notices any Short Term Options Series, should any be listed in the future. 2. Statutory Basis The Exchange believes that the proposed rule change is consistent with Section 6 of the Act 7 in general and furthers the objectives of Section 6(b)(5) of the Act 8 in particular in that it is 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, and 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 continuing the Pilot Program for Short Term Option Series can stimulate customer interest in options and provide a flexible and valuable tool to manage risk exposure, minimize capital outlays and be more responsive to the timing of events affecting the securities that underlie option contracts. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange believes that the proposed rule change does not impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Act. C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received From Members, Participants or Others No written comments were solicited or received with respect to the proposed rule change. jlentini on PROD1PC65 with NOTICES III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The Exchange has designated the proposed rule change as one that: (1) Does not significantly affect the protection of investors or the public interest; (2) does not impose any significant burden on competition; and (3) does not become operative for 30 days from the date of filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest. Therefore, the foregoing rule change has become effective pursuant to Section 19(b)(3)(A) of the Act 9 and 7 15 U.S.C. 78f(b). U.S.C. 78(f)(b)(5). 9 15 U.S.C. 78s(b)(3)(A). 8 15 VerDate Aug<31>2005 16:58 Jul 09, 2008 Jkt 214001 subparagraph (f)(6) of Rule 19b–4 thereunder.10 The Exchange has asked the Commission to waive the operative delay to permit the proposed rule change to become operative prior to the 30th day after filing. The Commission has determined that waiving the 30-day operative delay of the Exchange’s proposal is consistent with the protection of investors and the public interest and will promote competition because such waiver will allow Amex to continue the existing Pilot Program without interruption.11 Therefore, the Commission designates the proposal operative upon filing. 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File No. SR–Amex–2008–55 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–Amex–2008–55. 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 10 17 CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6)(iii) requires a self-regulatory organization to provide the Commission with written notice of its intent to file the proposed rule change, along with a brief description and text of the proposed rule change, at least five business days prior to the date of filing of the proposed rule change, or such shorter time as designated by the Commission. The Exchange has fulfilled this requirement. 11 For purposes only of waiving the 30-day operative delay, the Commission has considered the proposed rule’s impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f). PO 00000 Frm 00099 Fmt 4703 Sfmt 4703 post all comments on the Commission’s Internet Web site (http://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 No. SR–Amex–2008–55 and should be submitted on or before July 31, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.12 Florence E. Harmon, Acting Secretary. [FR Doc. E8–15637 Filed 7–9–08; 8:45 am] BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58086; File No. SR–Amex– 2008–52] Self-Regulatory Organizations; American Stock Exchange, LLC; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Relating to an Extension of the Linkage Fee Pilot Program July 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 June 26, 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, II, and III below, which Items have been prepared substantially by the Exchange. The Commission is 12 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\10JYN1.SGM 10JYN1 Federal Register / Vol. 73, No. 133 / Thursday, July 10, 2008 / Notices publishing this notice to solicit comments on the proposed rule change from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange proposes to extend for one (1) year through July 31, 2009, the current pilot program (‘‘Pilot Program’’) regarding transaction fees for trades executed through the intermarket options linkage (‘‘Linkage’’). The text of the proposed rule change is available at www.amex.com, the Exchange, 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 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. jlentini on PROD1PC65 with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Amex is proposing to extend for one (1) year through July 31, 2009, the current Pilot Program establishing Exchange fees for Principal Orders (‘‘P Orders’’) and Principal Acting As Agent Orders (‘‘P/A Orders’’) submitted through the Linkage. This proposal does not make any substantive changes to the existing Pilot Program, other than to extend its operation through July 31, 2009. The fees in connection with the Pilot Program are scheduled to expire on July 31, 2008.3 The current fees applicable to P Orders and P/A Orders executed on the Exchange are as follows: (i) $0.10 per contract side options transaction fee for equity options, exchange traded fund share (‘‘ETF’’) options and trust issued receipt (HOLDR) options, (ii) $0.21 per contract side options transaction fee for index options, (iii) $0.05 per contract side options comparison fee, (iv) $0.05 per contract side options floor brokerage fee, and (v) an options licensing fee for certain ETF and index option products 3 See Securities Exchange Act Release No. 56102 (July 19, 2007), 72 FR 40908 (July 25, 2007) (SR– Amex–2007–64). VerDate Aug<31>2005 16:58 Jul 09, 2008 Jkt 214001 ranging from $0.16 per contract side to $0.05 per contract side depending on the particular ETF or index option.4 These are the same fees charged to specialists and registered option traders (‘‘ROTs’’) for transactions executed on the Exchange. The Exchange does not charge for the execution of Satisfaction Orders sent through the Linkage. The Options Fee Schedule also provides that automatically executed Linkage Orders (except Satisfaction Orders) are subject to the ‘‘BD Auto-Ex Fee’’ set forth in Section VII of the Fee Schedule.5 As a result, the Linkage Orders (except Satisfaction Orders) received by the Exchange from a nonmember market maker (i.e. an away market maker) that are automatically executed are charged (i) a $0.50 per contract side options transaction fee, (ii) a $0.05 per contract side options comparison fee and (iii) a $0.05 per contract side options floor brokerage fee. Accordingly, the total transaction fee for Linkage Orders received by a nonmember market maker that is automatically executed is $0.60 per contract side.6 As was the case in the original Pilot Program and subsequent extensions, the Exchange believes that the existing fees currently charged to Exchange specialists and ROTs should also apply to Linkage executions resulting from P/A and P Orders. Based on experience to date, the Exchange believes that an extension of the Pilot Program for one (1) year through July 31, 2009 is appropriate. 2. Statutory Basis The proposed fee change is consistent with Section 6(b)(4) of the Act 7 regarding the equitable allocation of reasonable dues, fees and other charges among Exchange members and other persons using Exchange facilities. The Exchange believes that an extension of the existing Linkage fee Pilot Program is consistent with Section 6(b)(4) and equitably allocates fees to those nonmember market makers executing orders on the Exchange through the Linkage. 4 See the Options Licensing Fee section of the Amex Options Fee Schedule available at www.amex.com. 5 The BD Auto-Ex Fee provides that broker-dealer orders that are automatically executed on the Exchange are subject to (i) a $0.50 per contract side options transaction fee for equity options, ETF share options, trust issued receipt (HOLDR) options and index options, (ii) $0.05 per contract side options comparison fee and (iii) $0.05 per contract side options floor brokerage fee. 6 See Securities Exchange Act Release No. 57589 (April 1, 2008), 73 FR 18827 (April 7, 2008) (SR– Amex–2008–09). 7 15 U.S.C. 78f(b)(4). PO 00000 Frm 00100 Fmt 4703 Sfmt 4703 39745 B. Self-Regulatory Organization’s Statement on Burden on Competition The proposed rule change will impose no 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 solicited or received with respect to the proposed rule change. III. Date of Effectiveness of the Proposed Rule Change and Timing for Commission Action The foregoing proposed rule change has become effective pursuant to Section 19(b)(3)(A)(iii) of the Act 8 and Rule 19b–4(f)(6) thereunder 9 because: (i) It does not significantly affect the protection of investors or the public interest; (ii) it does not impose any significant burden on competition; and (iii) by its terms, it does not become operative for 30 days after the date of filing, or such shorter time as the Commission may designate if consistent with the protection of investors and the public interest; provided that the selfregulatory organization has given the Commission written notice of its intent to file the proposed rule change, at least five business days prior to the date of filing of the proposed rule change.10 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. 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 (http://www.sec.gov/ rules/sro.shtml); or • Send an e-mail to rulecomments@sec.gov. Please include File Number SR–Amex–2008–52 on the subject line. 8 15 U.S.C. 78s(b)(3)(A)(iii). CFR 240.19b–4(f)(6). 10 The Exchange satisfied this pre-filing requirement. 9 17 E:\FR\FM\10JYN1.SGM 10JYN1 39746 Federal Register / Vol. 73, No. 133 / Thursday, July 10, 2008 / Notices Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–Amex–2008–52. 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 (http://www.sec.gov/ rules/sro.shtml). Copies of the submission, all subsequent amendments, all written statements with respect to the proposed rule change that are filed with the Commission, and all written communications relating to the proposed rule change between the Commission and any person, other than those that may be withheld from the public in accordance with the provisions of 5 U.S.C. 552, will be available for inspection and copying in the Commission’s Public Reference Room on official business days between the hours of 10 a.m. and 3 p.m. Copies of such filing also will be available for inspection and copying at the principal office of the Exchange. All comments received will be posted without change; the Commission does not edit personal identifying information from submissions. You should submit only information that you wish to make available publicly. All submissions should refer to File Number SR–Amex– 2008–52 and should be submitted on or before July 31, 2008. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Acting Secretary. [FR Doc. E8–15638 Filed 7–9–08; 8:45 am] jlentini on PROD1PC65 with NOTICES BILLING CODE 8010–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58082; File No. SRVBSE– 2008–35] Self-Regulatory Organizations; Boston Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change Extending the Current Pilot Program for Linkage Fees on the Boston Options Exchange Facility July 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 June 23, 2008, the Boston Stock Exchange, Inc. (‘‘BSE’’ 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 selfregulatory organization. The Commission is publishing this notice to solicit comments on the proposed rule from interested persons. I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The Exchange is proposing to amend the Fee Schedule of the Boston Options Exchange (‘‘BOX’’), the options trading facility of the BSE, to extend until July 31, 2009, the current pilot program applicable to the options intermarket linkage (‘‘Linkage’’) fees. The text of the proposed rule change is available at the Exchange, the Commission’s Public Reference Room, and http:// www.bse.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, the self-regulatory organization 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 self-regulatory organization has prepared summaries, set forth in Sections A, B, and C below, of the most significant aspects of such statements. 1 15 11 17 CFR 200.30–3(a)(12). VerDate Aug<31>2005 16:58 Jul 09, 2008 2 17 Jkt 214001 PO 00000 U.S.C. 78s(b)(1). CFR 240.19b–4. Frm 00101 Fmt 4703 Sfmt 4703 A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose The Exchange’s fees for Principal (‘‘P’’) and Principal Acting as Agent (‘‘P/ A’’) Orders 3 executed on BOX currently operate under a pilot program scheduled to expire on July 31, 2008.4 The Exchange proposes to extend the current pilot program for such Linkage fees through July 31, 2009. The Exchange is not proposing any changes other than changing the date. Because all Linkage orders received by BOX are for the account of a market maker on another exchange, Linkage fees that are applicable to P and P/A orders are the same as fees applicable to market makers on other exchanges that submit orders to BOX outside of Linkage. The side of a BOX trade opposite an inbound P or P/A order would be billed normally as any other BOX trade. Consistent with the Linkage Plan, no fees will be charged to a party sending a Satisfaction Order to BOX. Rather, a fee will be charged to the BOX Participant that was responsible for the trade-through that caused the Satisfaction Order to be sent. The Exchange believes that extending the Linkage fee pilot program until July 31, 2009 will give the Exchange and the Commission additional time and opportunity to evaluate the appropriateness of Linkage fees. 2. Statutory Basis The Exchange believes that the proposal is consistent with the requirements of Section 6(b) of the Act,5 in general, and Section 6(b)(4) of the 3 Under Section 1(j) of Chapter XII of the BOX Rules, a ‘‘Linkage Order’’ means an Immediate or Cancel order routed through Linkage. There are three types of Linkage Orders: (i) ‘‘P/A Order,’’ which is an order for the principal account of a Market Maker (or equivalent entity on another Participant Exchange that is authorized to represent Public Customer orders), reflecting the terms of a related unexecuted Public Customer order for which the Market Maker is acting as agent; (ii) ‘‘P Order,’’ which is an order for the principal account of a market maker (or equivalent entity on another Participant exchange) and is not a P/A Order; and (iii) ‘‘Satisfaction Order,’’ which is an order sent through the Linkage to notify a Participant Exchange of a Trade-Through and to seek satisfaction of the liability arising from that Trade Through. 4 See Securities Exchange Act Release No. 56167 (July 30, 2007), 72 FR 43302 (August 3, 2007) (SR– BSE–2007–33). See also Securities Exchange Act Release No. 54225 (July 27, 2006), 71 FR 44056 (August 3, 2006) (SR–BSE 2006–26); Securities Exchange Act Release No. 52147 (July 28, 2005) 70 FR 44706 (August 3, 2005) (SR–BSE 2005–28). 5 15 U.S.C. 78f(b). E:\FR\FM\10JYN1.SGM 10JYN1

Agencies

[Federal Register Volume 73, Number 133 (Thursday, July 10, 2008)]
[Notices]
[Pages 39744-39746]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-15638]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58086; File No. SR-Amex-2008-52]


Self-Regulatory Organizations; American Stock Exchange, LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change 
Relating to an Extension of the Linkage Fee Pilot Program

July 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 June 26, 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, II, 
and III below, which Items have been prepared substantially by the 
Exchange. The Commission is

[[Page 39745]]

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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Exchange proposes to extend for one (1) year through July 31, 
2009, the current pilot program (``Pilot Program'') regarding 
transaction fees for trades executed through the intermarket options 
linkage (``Linkage''). The text of the proposed rule change is 
available at www.amex.com, the Exchange, 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 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 Amex is proposing to extend for one (1) year through July 31, 
2009, the current Pilot Program establishing Exchange fees for 
Principal Orders (``P Orders'') and Principal Acting As Agent Orders 
(``P/A Orders'') submitted through the Linkage. This proposal does not 
make any substantive changes to the existing Pilot Program, other than 
to extend its operation through July 31, 2009. The fees in connection 
with the Pilot Program are scheduled to expire on July 31, 2008.\3\
---------------------------------------------------------------------------

    \3\ See Securities Exchange Act Release No. 56102 (July 19, 
2007), 72 FR 40908 (July 25, 2007) (SR-Amex-2007-64).
---------------------------------------------------------------------------

    The current fees applicable to P Orders and P/A Orders executed on 
the Exchange are as follows: (i) $0.10 per contract side options 
transaction fee for equity options, exchange traded fund share 
(``ETF'') options and trust issued receipt (HOLDR) options, (ii) $0.21 
per contract side options transaction fee for index options, (iii) 
$0.05 per contract side options comparison fee, (iv) $0.05 per contract 
side options floor brokerage fee, and (v) an options licensing fee for 
certain ETF and index option products ranging from $0.16 per contract 
side to $0.05 per contract side depending on the particular ETF or 
index option.\4\ These are the same fees charged to specialists and 
registered option traders (``ROTs'') for transactions executed on the 
Exchange. The Exchange does not charge for the execution of 
Satisfaction Orders sent through the Linkage.
---------------------------------------------------------------------------

    \4\ See the Options Licensing Fee section of the Amex Options 
Fee Schedule available at www.amex.com.
---------------------------------------------------------------------------

    The Options Fee Schedule also provides that automatically executed 
Linkage Orders (except Satisfaction Orders) are subject to the ``BD 
Auto-Ex Fee'' set forth in Section VII of the Fee Schedule.\5\ As a 
result, the Linkage Orders (except Satisfaction Orders) received by the 
Exchange from a non-member market maker (i.e. an away market maker) 
that are automatically executed are charged (i) a $0.50 per contract 
side options transaction fee, (ii) a $0.05 per contract side options 
comparison fee and (iii) a $0.05 per contract side options floor 
brokerage fee. Accordingly, the total transaction fee for Linkage 
Orders received by a non-member market maker that is automatically 
executed is $0.60 per contract side.\6\
---------------------------------------------------------------------------

    \5\ The BD Auto-Ex Fee provides that broker-dealer orders that 
are automatically executed on the Exchange are subject to (i) a 
$0.50 per contract side options transaction fee for equity options, 
ETF share options, trust issued receipt (HOLDR) options and index 
options, (ii) $0.05 per contract side options comparison fee and 
(iii) $0.05 per contract side options floor brokerage fee.
    \6\ See Securities Exchange Act Release No. 57589 (April 1, 
2008), 73 FR 18827 (April 7, 2008) (SR-Amex-2008-09).
---------------------------------------------------------------------------

    As was the case in the original Pilot Program and subsequent 
extensions, the Exchange believes that the existing fees currently 
charged to Exchange specialists and ROTs should also apply to Linkage 
executions resulting from P/A and P Orders.
    Based on experience to date, the Exchange believes that an 
extension of the Pilot Program for one (1) year through July 31, 2009 
is appropriate.
2. Statutory Basis
    The proposed fee change is consistent with Section 6(b)(4) of the 
Act \7\ regarding the equitable allocation of reasonable dues, fees and 
other charges among Exchange members and other persons using Exchange 
facilities. The Exchange believes that an extension of the existing 
Linkage fee Pilot Program is consistent with Section 6(b)(4) and 
equitably allocates fees to those non-member market makers executing 
orders on the Exchange through the Linkage.
---------------------------------------------------------------------------

    \7\ 15 U.S.C. 78f(b)(4).
---------------------------------------------------------------------------

B. Self-Regulatory Organization's Statement on Burden on Competition

    The proposed rule change will impose no 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 solicited or received with respect to the 
proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing proposed rule change has become effective pursuant to 
Section 19(b)(3)(A)(iii) of the Act \8\ and Rule 19b-4(f)(6) thereunder 
\9\ because: (i) It does not significantly affect the protection of 
investors or the public interest; (ii) it does not impose any 
significant burden on competition; and (iii) by its terms, it does not 
become operative for 30 days after the date of filing, or such shorter 
time as the Commission may designate if consistent with the protection 
of investors and the public interest; provided that the self-regulatory 
organization has given the Commission written notice of its intent to 
file the proposed rule change, at least five business days prior to the 
date of filing of the proposed rule change.\10\
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78s(b)(3)(A)(iii).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ The Exchange satisfied this pre-filing requirement.
---------------------------------------------------------------------------

    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.

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 (http://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-Amex-2008-52 on the subject line.

[[Page 39746]]

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-Amex-2008-52. 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 (http://www.sec.gov/rules/
sro.shtml). Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change between the Commission and any person, other 
than those that may be withheld from the public in accordance with the 
provisions of 5 U.S.C. 552, will be available for inspection and 
copying in the Commission's Public Reference Room on official business 
days between the hours of 10 a.m. and 3 p.m. Copies of such filing also 
will be available for inspection and copying at the principal office of 
the Exchange. All comments received will be posted without change; the 
Commission does not edit personal identifying information from 
submissions. You should submit only information that you wish to make 
available publicly. All submissions should refer to File Number SR-
Amex-2008-52 and should be submitted on or before July 31, 2008.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
---------------------------------------------------------------------------

    \11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-15638 Filed 7-9-08; 8:45 am]
BILLING CODE 8010-01-P