Documente Academic
Documente Profesional
Documente Cultură
All submissions should refer to File (‘‘Act’’),1 and Rule 19b–4 thereunder,2 every class of options in which they are
Number SR–FICC–2007–07. This file notice is hereby given that on June 8, a market maker.4
number should be included on the 2007, the International Securities Under ISE’s current rules, a CMM
subject line if e-mail is used. To help the Exchange, LLC (‘‘ISE’’ or ‘‘Exchange’’) must enter continuous quotations in all
Commission process and review your filed with the Securities and Exchange the series of at least 60 percent of the
comments more efficiently, please use Commission (‘‘Commission’’) the options classes for the group or ‘‘bin’’ to
only one method. The Commission will proposed rule change as described in which it is appointed, or 60 options
post all comments on the Commission’s Items I, II, and III below, which Items classes in the Group, whichever is less.
Internet Web site (http://www.sec.gov/ have been substantially prepared by the Further, once a CMM enters a quote in
rules/sro.shtml). Copies of the ISE. On August 1, 2007, the Exchange an options class to which it is
submission, all subsequent filed Amendment No. 1 to the proposed appointed, it must continuously quote
amendments, all written statements rule change.3 The Commission is in all series of that options class until
with respect to the proposed rule publishing this notice to solicit the close of trading that day. ISE
change that are filed with the comments on the proposed rule change, proposes to amend its rule so that a
Commission, and all written as amended, from interested persons. CMM will be required to enter
communications relating to the continuous quotations in just 60 percent
proposed rule change between the I. Self-Regulatory Organization’s of the series, rather than in all series, of
Commission and any person, other than Statement of the Terms of Substance of the options classes overlying the Pilot
those that may be withheld from the the Proposed Rule Change Program Securities, to which the CMM
public in accordance with the is appointed. Once a CMM enters a
provisions of 5 U.S.C. 552, will be The ISE proposes, on a one-year pilot
basis, a quote mitigation plan for the quote in a series, it must continue to
available for inspection and copying in quote in that series until the close of
the Commission’s Public Reference Exchange’s Competitive Market Makers
(‘‘CMMs’’). The text of the proposed rule trading that day. The Exchange notes
Section, 100 F Street, NE., Washington, that ISE Rule 804(e)(2)(iii), which states
DC 20549, on official business days change is available at ISE, the
Commission’s Public Reference Room, that a CMM may be called upon to
between the hours of 10 a.m. and 3 p.m. submit quotes in one or more series of
Copies of such filings also will be and http://www.iseoptions.com.
options to which it is appointed in the
available for inspection and copying at II. Self-Regulatory Organization’s interest of maintaining fair and orderly
the principal office of FICC and on Statement of the Purpose of, and markets, shall continue to apply under
FICC’s Web site at http://ficc.com/ Statutory Basis for, the Proposed Rule the proposed pilot program.
commondocs/rule.filings/rule.filing.07- Change
07.pdf. All comments received will be Under the proposal, the Exchange will
posted without change; the Commission issue a circular to CMMs identifying the
In its filing with the Commission, the
does not edit personal identifying initial Pilot Program Securities. The
ISE included statements concerning the
information from submissions. You Exchange notes that the Pilot Program
purpose of, and basis for, the proposed Securities selected by the Exchange are
should submit only information that rule change and discussed any
you wish to make available publicly. All subject to change based on the quoting
comments it received on the proposed activity in these securities. The
submissions should refer to File rule change. The text of these statements
Number SR–FICC–2007–07 and should proposed pilot will consist of up to 20
may be examined at the places specified of the most active classes, in terms of
be submitted on or before August 30, in Item IV below. The Exchange has
2007. the number of quotes generated, that are
prepared summaries, set forth in in the Exchange’s Penny Pilot Program.5
For the Commission by the Division of sections A, B, and C below, of the most Each time a change takes place in the
Market Regulation, pursuant to delegated significant aspects of such statements. Pilot Program Securities, the Exchange
authority.9
A. Self-Regulatory Organization’s will issue circulars to notify CMMs of
Florence E. Harmon, this change and shall provide them with
Deputy Secretary. Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule adequate notice in order for them to
[FR Doc. E7–15542 Filed 8–8–07; 8:45 am] make any required systems changes.
Change
BILLING CODE 8010–01–P
The Exchange believes the proposed
1. Purpose pilot is a good first step towards
SECURITIES AND EXCHANGE The Exchange is proposing a quote adopting an internal quote mitigation
COMMISSION mitigation plan for its CMMs on a pilot plan that is beneficial both to the
basis for one (1) year in no more than Exchange and its members without
[Release No. 34–56201; File No. SR–ISE–
twenty (20) securities (‘‘Pilot Program adversely affecting the quality of the
2007–45] Exchange’s markets.
Securities’’) designated by the
Self-Regulatory Organizations; Exchange. With the explosion of 2. Statutory Basis
International Securities Exchange, quotation traffic—exacerbated by the
penny pilot—the Exchange continues to The Exchange believes that the
LLC; Notice of Filing of Proposed Rule
seek ways to mitigate the generation of proposed rule change is consistent with
Change as Modified by Amendment
quotations. At least two exchanges have section 6(b) of the Act,6 in general, and
No. 1 Thereto Relating to a Quote
Mitigation Plan for Competitive Market adopted quote mitigation plans that furthers the objectives of section 6(b)(5)
Makers relieve some market makers of the
mstockstill on PROD1PC66 with NOTICES
VerDate Aug<31>2005 18:25 Aug 08, 2007 Jkt 211001 PO 00000 Frm 00085 Fmt 4703 Sfmt 4703 E:\FR\FM\09AUN1.SGM 09AUN1
44904 Federal Register / Vol. 72, No. 153 / Thursday, August 9, 2007 / Notices
of the Act,7 in particular, in that it is All submissions should refer to File No. thereunder,3 notice is hereby given that
designed to prevent fraudulent and SR–ISE–2007–45. This file number on July 27, 2007, the New York Stock
manipulative acts and practices, to should be included on the subject line Exchange LLC (the ‘‘NYSE’’ or the
promote just and equitable principles of if e-mail is used. To help the ‘‘Exchange’’) filed with the Securities
trade, to remove impediments to and Commission process and review your and Exchange Commission
perfect the mechanism of a free and comments more efficiently, please use (‘‘Commission’’) the proposed rule
open market and a national market only one method. The Commission will change as described in Items I and II
system, and, in general, to protect post all comments on the Commission’s below, which Items have been
investors and the public interest. Internet Web site at http://www.sec.gov/ substantially prepared by the Exchange.
rules/sro.shtml. Copies of the The Exchange has designated the
B. Self-Regulatory Organization’s
submission, all subsequent proposed rule change as a ‘‘non-
Statement on Burden on Competition
amendments, all written statements controversial’’ rule change pursuant to
The Exchange does not believe that with respect to the proposed rule section 19(b)(3)(A) of the Act4 and Rule
the proposed rule change will impose change that are filed with the 19b–4(f)(6) thereunder,5 which renders
any burden on competition that is not Commission, and all written the proposed rule change effective upon
necessary or appropriate in furtherance communications relating to the filing with the Commission. The
of the purposes of the Act. proposed rule change between the Commission is publishing this notice to
C. Self-Regulatory Organization’s Commission and any person, other than solicit comments on the proposed rule
Statement on Comments on the those that may be withheld from the changes from interested persons.
Proposed Rule Change Received From public in accordance with the
I. Self-Regulatory Organization’s
Members, Participants or Others provisions of 5 U.S.C. 552, will be
Statement of the Terms of Substance of
available for inspection and copying in
Written comments on the proposed the Proposed Rule Change
the Commission’s Public Reference
rule change were neither solicited nor Room, 100 F Street, NE., Washington, The Exchange proposes to amend the
received. DC 20549, on official business days earnings standard of section 102.01C(I)
III. Date of Effectiveness of the between the hours of 10 a.m. and 3 p.m. of the Exchange’s Listed Company
Proposed Rule Change and Timing for Copies of the filing also will be available Manual (the ‘‘Manual’’) on a six-month
Commission Action for inspection and copying at the pilot program basis. The amendment
principal office of the Exchange. All will enable the Exchange to adjust the
Within 35 days of the date of earnings of companies for purposes of
comments received will be posted
publication of this notice in the Federal its pre-tax earnings standard by
without change; the Commission does
Register or within such longer period (i) excluding gains or losses recognized in
not edit personal identifying
as the Commission may designate up to connection with the extinguishment of
information from submissions. You
90 days of such date if it finds such debt prior to its maturity. The text of the
should submit only information that
longer period to be appropriate and proposed rule change is available on the
you wish to make available publicly. All
publishes its reasons for so finding or Exchange’s Web site (http://
submissions should refer to File No.
(ii) as to which the Exchange consents, www.nyse.com), at the Exchange’s
SR–ISE–2007–45 and should be
the Commission will: Office of the Secretary, and at the
(A) By order approve such proposed submitted on or before August 30, 2007.
Commission’s Public Reference Room.
rule change, or For the Commission, by the Division of
(B) Institute proceedings to determine Market Regulation, pursuant to delegated II. Self-Regulatory Organization’s
whether the proposed rule change authority.8 Statement of the Purpose of, and
should be disapproved. Florence E. Harmon, Statutory Basis for, the Proposed Rule
Deputy Secretary. Change
IV. Solicitation of Comments
[FR Doc. E7–15549 Filed 8–8–07; 8:45 am] In its filing with the Commission, the
Interested persons are invited to BILLING CODE 8010–01–P Exchange included statements
submit written data, views and
concerning the purpose of and basis for
arguments concerning the foregoing,
the proposed rule change and discussed
including whether the proposed rule SECURITIES AND EXCHANGE any comments it received on the
change is consistent with the Act. COMMISSION proposed rule change. The text of these
Comments may be submitted by any of statements may be examined at the
[Release No. 34–56195; File No. SR–NYSE–
the following methods: 2007–71] places specified in Item IV below. The
Electronic Comments Exchange has prepared summaries, set
Self-Regulatory Organizations; New forth in sections A, B and C below, of
• Use the Commission’s Internet York Stock Exchange LLC; Notice of
comment form http://www.sec.gov/ the most significant aspects of such
Filing and Immediate Effectiveness of statements.
rules/sro.shtml; or Proposed Rule Change to Exclude
• Send an e-mail to rule- from Its Earnings Standard Gains or A. Self-Regulatory Organization’s
comments@sec.gov. Please include File Losses From Extinguishment of Debt Statement of the Purpose of, and
No. SR–ISE–2007–45 on the subject Prior to Maturity on a Six Month Pilot Statutory Basis for, the Proposed Rule
line. Basis Change
Paper Comments 1. Purpose
August 2, 2007.
• Send paper comments in triplicate Pursuant to section 19(b)(1)1 of the The Exchange proposes to amend the
mstockstill on PROD1PC66 with NOTICES
to Nancy M. Morris, Secretary, Securities Exchange Act of 1934 (the earnings standard of section 102.01C(I)
Securities and Exchange Commission, ‘‘Exchange Act’’),2 and Rule 19b–4 of the Manual on a six-month pilot
100 F. Street, NE., Washington, DC
20549–1090. 8 17 CFR 200.30–3(a)(12). 3 17 CFR 240.19b–4.
1 15 U.S.C. 78s(b)(1). 4 15 U.S.C. 78s(b)(3)(A).
7 15 U.S.C. 78f(b)(5). 2 15 U.S.C. 78a. 5 17 CFR 240.19b–4(f)(6).
VerDate Aug<31>2005 18:37 Aug 08, 2007 Jkt 211001 PO 00000 Frm 00086 Fmt 4703 Sfmt 4703 E:\FR\FM\09AUN1.SGM 09AUN1