Self-Regulatory Organizations; Notice of Filing and Immediate Effectiveness of Proposed Rule Change by NYSE Amex LLC Adopting Rule 968NY-Cabinet Trades, 35217-35218 [E9-17135]
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Federal Register / Vol. 74, No. 137 / Monday, July 20, 2009 / Notices
All submissions should refer to File
Number SR–CBOE–2009–049. This file
number should be included on the
subject line if e-mail is used. To help the
Commission process and review your
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://www.sec.gov/
rules/sro.shtml). Copies of the
submission, all subsequent
amendments, all written statements
with respect to the proposed rule
change that are filed with the
Commission, and all written
communications relating to the
proposed rule change between the
Commission and any person, other than
those that may be withheld from the
public in accordance with the
provisions of 5 U.S.C. 552, will be
available for inspection and copying in
the Commission’s Public Reference
Room, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
the principal office of the CBOE. 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–CBOE–2009–049 and
should be submitted on or before
August 10, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.13
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–17134 Filed 7–17–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–60296; File No. SR–
NYSEAmex–2009–37]
Self-Regulatory Organizations; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change by NYSE
Amex LLC Adopting Rule 968NY–
Cabinet Trades
erowe on DSK5CLS3C1PROD with NOTICES
July 13, 2009.
Pursuant to Section 19(b)(1) 1 of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 2 and Rule 19b–4 thereunder,3
notice is hereby given that, on June 30,
13 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78a.
3 17 CFR 240.19b–4.
1 15
VerDate Nov<24>2008
15:18 Jul 17, 2009
Jkt 217001
2009, NYSE Amex (‘‘NYSE Amex’’ or
the ‘‘Exchange’’) filed with the
Securities and Exchange Commission
(the ‘‘Commission’’) the proposed rule
change as described in Items I and II
below, which Items have been prepared
by the self-regulatory organization. The
Exchange filed the proposed rule change
pursuant to Section 19(b)(3)(A) of the
Act 4 and Rule 19b–4(f)(6) thereunder,5
which renders it effective upon filing
with the Commission. The Commission
is 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 adopt Rule
968NY–Cabinet Trades. The text of the
proposed rule change is attached as
Exhibit 5 to the 19b–4 form. A copy of
this filing is available on the Exchange’s
Web site at https://www.nyse.com, at the
Exchange’s principal office and at the
Commission’s Public Reference Room.
II. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
In its filing with the Commission, the
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 those 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 parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
NYSE Amex proposes to adopt new
Rule 968NY which will govern cabinet
trading.6 The proposed rule is
substantially similar to NYSE Arca Rule
6.80.
On March 2, 2009 NYSE Amex
(f/k/a NYSE Alternext US LLC, f/k/a
The American Stock Exchange LLC
(collectively ‘‘Amex’’)) adopted a new
rule set governing the trading of
options.7 Much of the new rule set was
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
6 A Cabinet Trade is also known as an
Accommodation Transaction.
7 See Securities Exchange Act Release No. 59472
(February 27, 2009), 74 FR 9843 (March 6, 2009)
(order approving NYSEALTR–2008–14, as
amended).
PO 00000
4 15
5 17
Frm 00063
Fmt 4703
Sfmt 4703
35217
based on the rules of NYSE Arca Inc.
(‘‘NYSE Arca’’). In conjunction with the
filing of the new rule set, the Exchange
filed a separate proposal deleting many
out-of-date and/or obsolete rules.8
Included as part of this filing was the
deletion of former Amex Rule 959–
Accommodation [sic] Transactions,
which contained provisions governing
both cabinet trading and position
transfers. However, when filing the new
rule set the Exchange inadvertently
failed to include new rules governing
cabinet trading.
The Exchange now proposes to add a
new rule governing the trading of
cabinet orders.9 A brief description of
the rules change is shown below.
Cabinet Trading
A cabinet order is a limit order in a
non-Penny Pilot issue, which has been
priced at $1.00.10 Cabinet orders serve
as a way for market participants to
liquidate a worthless, or near worthless
position, at a minimal cost.
Prior to the adoption of the present
NYSE Amex trading system, all cabinet
trading on the Amex was done on a
manual basis. Therefore, previous Rule
Amex 959(a) dealt only with cabinet
trading in open outcry. The Exchange
now proposes to adopt new Rule 968NY
which will govern both manual and
electronic cabinet trading. This
proposed rule is similar in all material
respects to NYSE Arca Rule 6.80, which
also governs both manual and electronic
cabinet trading.
2. Statutory Basis
The Exchange believes that for these
reasons the proposed rule change is
consistent with Section 6(b) of the Act 11
in general, and furthers the objectives of
Section 6(b)(5) of the Act 12 in
particular, because 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. This
proposal adds a new rule governing the
8 See Securities Exchange Act Release No. 59454
(February 25, 2009), 74 FR 9461 (March 4, 2009)
(notice of filing and immediate effectiveness of
NYSEALTR–2009–17).
9 NYSE Amex proposes to adopt new rules related
to the transfer of options positions as part of a
separate rule filing.
10 Certain option issues on NYSE Amex are traded
pursuant to a Penny Pilot Program scheduled to run
through July 3, 2009.
11 15 U.S.C. 78f(b).
12 15 U.S.C. 78f(b)(5).
E:\FR\FM\20JYN1.SGM
20JYN1
35218
Federal Register / Vol. 74, No. 137 / Monday, July 20, 2009 / Notices
trading of cabinet orders, based on
NYSE Arca Rule 6.80.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
No written comments were solicited
or received with respect to the proposed
rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not:
(i) Significantly affect the protection
of investors or the public interest;
(ii) Impose any significant burden on
competition; and
(iii) Become operative for 30 days
from the date on which it was filed, or
such shorter time as the Commission
may designate, if consistent with the
protection of investors and the public
interest, it has become effective
pursuant to Section 19(b)(3)(A) of the
Act 13 and Rule 19b–4(f)(6)
thereunder.14
The Exchange has requested the
Commission to waive the 30-day
operative delay because the proposal
will afford market participants on the
Exchange the same opportunity to
execute cabinet trades as is afforded to
market participants on other exchanges.
The Commission notes that the
Exchange deleted its former rule on
cabinet trading in March of this year
and inadvertently failed to include a
new rule on cabinet trading in its new
rule set governing options trading.15 The
Commission believes waiving the 30day operative delay to provide NYSE
Amex market participants the ability to
immediately engage in cabinet trading,
as necessary, is consistent with the
protection of investors and the public
interest.16 Accordingly, the Commission
13 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires the self-regulatory organization
to submit to 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 satisfied this requirement.
15 See supra notes 7 and 8 and accompanying
text.
16 For purposes only of waiving the 30-day
operative delay of this proposal, the Commission
erowe on DSK5CLS3C1PROD with NOTICES
14 17
VerDate Nov<24>2008
15:18 Jul 17, 2009
Jkt 217001
designates the proposed rule change
operative upon filing with the
Commission.
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:
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–
NYSEAmex–2009–37 and should be
submitted on or before August 10, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.17
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–17135 Filed 7–17–09; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
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–NYSEAmex–2009–37 on
the subject line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–NYSEAmex–2009–37. 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 such filing also will be available for
inspection and copying at the principal
office of the Exchange. All comments
has considered the proposed rule’s impact on
efficiency, competition, and capital formation. See
15 U.S.C. 78c(f).
PO 00000
Frm 00064
Fmt 4703
Sfmt 4703
[Release No. 34–60298; File No. SR–FICC–
2008–07]
Self-Regulatory Organizations; Fixed
Income Clearing Corporation; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change Relating to Fee
Schedules
July 13, 2009.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(‘‘Act’’),1 notice is hereby given that on
December 31, 2009, the Fixed Income
Clearing Corporation (‘‘FICC’’) filed
with the Securities and Exchange
Commission (‘‘Commission’’) and on
January 12, 2009, May 11, 2009, and
June 24, 2009, amended the proposed
rule change as described in Items I, II,
and III below, which Items have been
prepared primarily by FICC. FICC filed
the proposed rule change pursuant to
Section 19(b)(3)(A)(ii) of the Act 2 and
Rule 19b–4(f)(2) thereunder 3 so that the
proposal was effective upon filing with
the Commission. The Commission is
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 proposed rule change will amend
FICC’s Government Securities Division’s
(‘‘GSD’’) and Mortgage Backed
Securities Division’s (‘‘MBSD’s’’) fees.
17 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 15 U.S.C. 78s(b)(3)(A)(ii).
3 17 CFR 240.19b–4(f)(2).
1 15
E:\FR\FM\20JYN1.SGM
20JYN1
]]>Agencies
[Federal Register Volume 74, Number 137 (Monday, July 20, 2009)]
[Notices]
[Pages 35217-35218]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-17135]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-60296; File No. SR-NYSEAmex-2009-37]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by NYSE Amex LLC Adopting Rule
968NY-Cabinet Trades
July 13, 2009.
Pursuant to Section 19(b)(1) \1\ of the Securities Exchange Act of
1934 (the ``Act'') \2\ and Rule 19b-4 thereunder,\3\ notice is hereby
given that, on June 30, 2009, NYSE Amex (``NYSE Amex'' or the
``Exchange'') filed with the Securities and Exchange Commission (the
``Commission'') the proposed rule change as described in Items I and II
below, which Items have been prepared by the self-regulatory
organization. The Exchange filed the proposed rule change pursuant to
Section 19(b)(3)(A) of the Act \4\ and Rule 19b-4(f)(6) thereunder,\5\
which renders it effective upon filing with the Commission. The
Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 15 U.S.C. 78a.
\3\ 17 CFR 240.19b-4.
\4\ 15 U.S.C. 78s(b)(3)(A).
\5\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to adopt Rule 968NY-Cabinet Trades. The text
of the proposed rule change is attached as Exhibit 5 to the 19b-4 form.
A copy of this filing is available on the Exchange's Web site at https://www.nyse.com, at the Exchange's principal office and at the
Commission's Public Reference Room.
II. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
In its filing with the Commission, the 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 those 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 parts of such statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
NYSE Amex proposes to adopt new Rule 968NY which will govern
cabinet trading.\6\ The proposed rule is substantially similar to NYSE
Arca Rule 6.80.
---------------------------------------------------------------------------
\6\ A Cabinet Trade is also known as an Accommodation
Transaction.
---------------------------------------------------------------------------
On March 2, 2009 NYSE Amex (f/k/a NYSE Alternext US LLC, f/k/a The
American Stock Exchange LLC (collectively ``Amex'')) adopted a new rule
set governing the trading of options.\7\ Much of the new rule set was
based on the rules of NYSE Arca Inc. (``NYSE Arca''). In conjunction
with the filing of the new rule set, the Exchange filed a separate
proposal deleting many out-of-date and/or obsolete rules.\8\ Included
as part of this filing was the deletion of former Amex Rule 959-
Accommodation [sic] Transactions, which contained provisions governing
both cabinet trading and position transfers. However, when filing the
new rule set the Exchange inadvertently failed to include new rules
governing cabinet trading.
---------------------------------------------------------------------------
\7\ See Securities Exchange Act Release No. 59472 (February 27,
2009), 74 FR 9843 (March 6, 2009) (order approving NYSEALTR-2008-14,
as amended).
\8\ See Securities Exchange Act Release No. 59454 (February 25,
2009), 74 FR 9461 (March 4, 2009) (notice of filing and immediate
effectiveness of NYSEALTR-2009-17).
---------------------------------------------------------------------------
The Exchange now proposes to add a new rule governing the trading
of cabinet orders.\9\ A brief description of the rules change is shown
below.
---------------------------------------------------------------------------
\9\ NYSE Amex proposes to adopt new rules related to the
transfer of options positions as part of a separate rule filing.
---------------------------------------------------------------------------
Cabinet Trading
A cabinet order is a limit order in a non-Penny Pilot issue, which
has been priced at $1.00.\10\ Cabinet orders serve as a way for market
participants to liquidate a worthless, or near worthless position, at a
minimal cost.
---------------------------------------------------------------------------
\10\ Certain option issues on NYSE Amex are traded pursuant to a
Penny Pilot Program scheduled to run through July 3, 2009.
---------------------------------------------------------------------------
Prior to the adoption of the present NYSE Amex trading system, all
cabinet trading on the Amex was done on a manual basis. Therefore,
previous Rule Amex 959(a) dealt only with cabinet trading in open
outcry. The Exchange now proposes to adopt new Rule 968NY which will
govern both manual and electronic cabinet trading. This proposed rule
is similar in all material respects to NYSE Arca Rule 6.80, which also
governs both manual and electronic cabinet trading.
2. Statutory Basis
The Exchange believes that for these reasons the proposed rule
change is consistent with Section 6(b) of the Act \11\ in general, and
furthers the objectives of Section 6(b)(5) of the Act \12\ in
particular, because 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. This proposal adds a new rule
governing the
[[Page 35218]]
trading of cabinet orders, based on NYSE Arca Rule 6.80.
---------------------------------------------------------------------------
\11\ 15 U.S.C. 78f(b).
\12\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
No written comments were solicited or received with respect to the
proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not:
(i) Significantly affect the protection of investors or the public
interest;
(ii) Impose any significant burden on competition; and
(iii) Become operative for 30 days from the date on which it was
filed, or such shorter time as the Commission may designate, if
consistent with the protection of investors and the public interest, it
has become effective pursuant to Section 19(b)(3)(A) of the Act \13\
and Rule 19b-4(f)(6) thereunder.\14\
---------------------------------------------------------------------------
\13\ 15 U.S.C. 78s(b)(3)(A).
\14\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires the self-regulatory organization to submit to 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 satisfied this requirement.
---------------------------------------------------------------------------
The Exchange has requested the Commission to waive the 30-day
operative delay because the proposal will afford market participants on
the Exchange the same opportunity to execute cabinet trades as is
afforded to market participants on other exchanges. The Commission
notes that the Exchange deleted its former rule on cabinet trading in
March of this year and inadvertently failed to include a new rule on
cabinet trading in its new rule set governing options trading.\15\ The
Commission believes waiving the 30-day operative delay to provide NYSE
Amex market participants the ability to immediately engage in cabinet
trading, as necessary, is consistent with the protection of investors
and the public interest.\16\ Accordingly, the Commission designates the
proposed rule change operative upon filing with the Commission.
---------------------------------------------------------------------------
\15\ See supra notes 7 and 8 and accompanying text.
\16\ For purposes only of waiving the 30-day operative delay of
this proposal, the Commission has considered the proposed rule's
impact on efficiency, competition, and capital formation. See 15
U.S.C. 78c(f).
---------------------------------------------------------------------------
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 (https://www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NYSEAmex-2009-37 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-NYSEAmex-2009-37. 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 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-NYSEAmex-2009-37 and should be submitted on or before
August 10, 2009.
---------------------------------------------------------------------------
\17\ 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\17\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-17135 Filed 7-17-09; 8:45 am]
BILLING CODE 8010-01-P
