Federal Register: May 3, 2006 (Volume 71, Number 85)
DOCID: FR Doc E6-6640
SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-53710; File No. SR-PCX-2006-10]
NOTICE: NOTICES
ACTION: Self-regulatory organizations; proposed rule changes:
SUBJECT CATEGORY:
Self-Regulatory Organizations; Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.); Order Granting Approval to Proposed Rule Change Relating to Trade Shredding
DOCUMENT SUMMARY:
April 24, 2006.
I. Introduction
On February 3, 2006, the Pacific Exchange, Inc. (``PCX'' or
``Exchange'') 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 19b4 thereunder,\2\ a
proposed rule change relating to trade shredding.\3\ The proposed rule
change was published for comment in the Federal Register on March 20,
2006.\4\ The Commission received no comments on the proposal. This order approves the proposed rule change.
\1\ 15 U.S.C. 78s(b)(l).
\2\ 17 CFR 240.19b4.
\3\ On March 6, 2006, the Exchange filed with the Commission a
proposed rule change, which was effective upon filing, to change the
name of the Exchange, as well as several other related entities, to
reflect the recent acquisition of PCX by Archipelago Holdings, Inc.
(``Archipelago'') and the merger of the NYSE with Archipelago. See
File No. SRPCX200624. All references herein have been changed to reflect the aforementioned rule change.
\4\ See Securities Exchange Act Release No. 53469 (March 10, 2006), 71 FR 14045.
II. Description of the Proposal
The Exchange proposed to amend its rules governing the NYSE Arca Marketplace, the equities trading facility of the NYSE Arca Equities, Inc., to prohibit the practice of splitting orders into multiple smaller orders for any purpose other than seeking the best execution of the entire order.
III. Discussion and Commission Findings
The Commission has reviewed carefully the proposed rule change and
finds that it is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange,\5\ particularly section 6(b)(5) of the Act which, among other
things, requires that the rules of a national securities exchange be
designed to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating
securities transactions, to remove impediments to and to perfect the
mechanism of a free and open market and a national market system and,
in general, to protect investors and the public interest.\6\ The
Commission believes that the proposed rule change should help eliminate
the distortive practice of trade shredding, and, therefore, promote just and equitable principles of trade.
\5\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).
\6\ 15 U.S.C. 78f(b)(5).
IV. Conclusion
It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\7\ that the proposed rule change (File No. SRPCX200610), be and hereby is, approved.
\7\ 15 U.S.C. 78s(b)(2).
\8\ 17 CFR 200.303(a)(12).
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\8\
Nancy M. Morris,
Secretary.
[FR Doc. E66640 Filed 5206; 8:45 am]
BILLING CODE 801001P
SUMMARY:
Pacific Exchange, Inc.,
DOCUMENT BODY 2:
April 24, 2006.
I. Introduction
On February 3, 2006, the Pacific Exchange, Inc. (``PCX'' or
``Exchange'') 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 19b4 thereunder,\2\ a
proposed rule change relating to trade shredding.\3\ The proposed rule
change was published for comment in the Federal Register on March 20,
2006.\4\ The Commission received no comments on the proposal. This order approves the proposed rule change.
\1\ 15 U.S.C. 78s(b)(l).
\2\ 17 CFR 240.19b4.
\3\ On March 6, 2006, the Exchange filed with the Commission a
proposed rule change, which was effective upon filing, to change the
name of the Exchange, as well as several other related entities, to
reflect the recent acquisition of PCX by Archipelago Holdings, Inc.
(``Archipelago'') and the merger of the NYSE with Archipelago. See
File No. SRPCX200624. All references herein have been changed to reflect the aforementioned rule change.
\4\ See Securities Exchange Act Release No. 53469 (March 10, 2006), 71 FR 14045.
II. Description of the Proposal
The Exchange proposed to amend its rules governing the NYSE Arca Marketplace, the equities trading facility of the NYSE Arca Equities, Inc., to prohibit the practice of splitting orders into multiple smaller orders for any purpose other than seeking the best execution of the entire order.
III. Discussion and Commission Findings
The Commission has reviewed carefully the proposed rule change and
finds that it is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange,\5\ particularly section 6(b)(5) of the Act which, among other
things, requires that the rules of a national securities exchange be
designed to promote just and equitable principles of trade, to foster
cooperation and coordination with persons engaged in regulating
securities transactions, to remove impediments to and to perfect the
mechanism of a free and open market and a national market system and,
in general, to protect investors and the public interest.\6\ The
Commission believes that the proposed rule change should help eliminate
the distortive practice of trade shredding, and, therefore, promote just and equitable principles of trade.
\5\ In approving this proposed rule change, the Commission has
considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).
\6\ 15 U.S.C. 78f(b)(5).
IV. Conclusion
It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\7\ that the proposed rule change (File No. SRPCX200610), be and hereby is, approved.
\7\ 15 U.S.C. 78s(b)(2).
\8\ 17 CFR 200.303(a)(12).
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.\8\
Nancy M. Morris,
Secretary.
[FR Doc. E66640 Filed 5206; 8:45 am]
BILLING CODE 801001P