Federal Register: December 7, 2007 (Volume 72, Number 235)
DOCID: fr07de07-89 FR Doc E7-23788
SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-56882; File No. SR-Amex-2007-56]
NOTICE: NOTICES
DOCID: fr07de07-89
ACTION: Self-regulatory organizations; proposed rule changes:
SUBJECT CATEGORY:
Self-Regulatory Organizations; American Stock Exchange LLC; Order Approving a Proposed Rule Change Relating To Resolving Uncompared Transactions
DOCUMENT SUMMARY:
December 3, 2007.
I. Introduction
On June 4, 2007, the American Stock Exchange LLC (``Amex'') filed
and on September 18, 2007, amended, a proposed rule change 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\ to amend Rule 724 (``Agents to Resolve DKs'') and
the corresponding Commentary. As proposed, the amendments would require
each member to designate a representative that is away from the Amex's
trading floor and that is authorized to resolve uncompared transactions
(``DKs'') on the member's behalf. The proposed rule change was
published for comment in the Federal Register on October 16, 2007.\3\ No comment letters were received on the
[[Page 69262]]
proposal. This order approves the proposal.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
\3\ Securities Exchange Act Release No. 56635 (Oct. 10, 2007), 72 FR 58693.
II. Description of the Proposal
Amex is revising Rule 724 to require each member that executes transactions on Amex's trading floor (``Floor'') to designate another member firm, allied member, registered representative, or any other person required to be registered as a brokerdealer under the Act that is physically located away from the Floor to act in a DK resolution capacity by means of telephone, email, or fax submission. Each member will retain the option to also designate a Floor member to act on its behalf regarding DK notices.
III. Discussion
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 registered securities exchange. In
particular, the Commission believes the proposal is consistent with
Section 6(b)(5) of the Act,\4\ which requires, among other things, that
the rules of a national securities exchange be designed to foster
cooperation and coordination among persons engaged in facilitating
transactions in securities. The new requirements that each Amex member
must designate an offFloor representative that is equipped with
electronic communication capabilities to act on its behalf to resolve
DK notices in its absence will clarify the protocol for and reduce the
delays associated with resolving such uncompared transactions, thereby
facilitating a more prompt and reliable processing of securities transactions among Amex members.
\4\ 15 U.S.C. 78f(b)(5).
IV. Conclusion
On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 6 of the Act \5\ and the rules and regulations thereunder.
\5\ 15 U.S.C. 78q1.
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\6\ that the proposed rule change (File No. SRAmex200756) be, and hereby is, approved.\7\
\6\ 15 U.S.C. 78s(b)(2).
\7\ In approving the proposed rule change, the Commission
considered the proposal's impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f).
For the Commission by the Division of Trading and Markets pursuant to delegated authority.\8\
\8\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E723788 Filed 12607; 8:45 am]
BILLING CODE 801101P
SUMMARY:
American Stock Exchange LLC,
DOCUMENT BODY 2:
December 3, 2007.
I. Introduction
On June 4, 2007, the American Stock Exchange LLC (``Amex'') filed
and on September 18, 2007, amended, a proposed rule change 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\ to amend Rule 724 (``Agents to Resolve DKs'') and
the corresponding Commentary. As proposed, the amendments would require
each member to designate a representative that is away from the Amex's
trading floor and that is authorized to resolve uncompared transactions
(``DKs'') on the member's behalf. The proposed rule change was
published for comment in the Federal Register on October 16, 2007.\3\ No comment letters were received on the
[[Page 69262]]
proposal. This order approves the proposal.
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b4.
\3\ Securities Exchange Act Release No. 56635 (Oct. 10, 2007), 72 FR 58693.
II. Description of the Proposal
Amex is revising Rule 724 to require each member that executes transactions on Amex's trading floor (``Floor'') to designate another member firm, allied member, registered representative, or any other person required to be registered as a brokerdealer under the Act that is physically located away from the Floor to act in a DK resolution capacity by means of telephone, email, or fax submission. Each member will retain the option to also designate a Floor member to act on its behalf regarding DK notices.
III. Discussion
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 registered securities exchange. In
particular, the Commission believes the proposal is consistent with
Section 6(b)(5) of the Act,\4\ which requires, among other things, that
the rules of a national securities exchange be designed to foster
cooperation and coordination among persons engaged in facilitating
transactions in securities. The new requirements that each Amex member
must designate an offFloor representative that is equipped with
electronic communication capabilities to act on its behalf to resolve
DK notices in its absence will clarify the protocol for and reduce the
delays associated with resolving such uncompared transactions, thereby
facilitating a more prompt and reliable processing of securities transactions among Amex members.
\4\ 15 U.S.C. 78f(b)(5).
IV. Conclusion
On the basis of the foregoing, the Commission finds that the proposal is consistent with the requirements of the Act and in particular with the requirements of Section 6 of the Act \5\ and the rules and regulations thereunder.
\5\ 15 U.S.C. 78q1.
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\6\ that the proposed rule change (File No. SRAmex200756) be, and hereby is, approved.\7\
\6\ 15 U.S.C. 78s(b)(2).
\7\ In approving the proposed rule change, the Commission
considered the proposal's impact on efficiency, competition and capital formation. 15 U.S.C. 78c(f).
For the Commission by the Division of Trading and Markets pursuant to delegated authority.\8\
\8\ 17 CFR 200.303(a)(12).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E723788 Filed 12607; 8:45 am]
BILLING CODE 801101P