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SECURITIES AND EXCHANGE COMMISSION
Securities and Exchange Commission
DOCUMENT ID: [Release No. 34-56904; File No. SR-CTA-2007-02]
NOTICE: NOTICES
SUBJECT CATEGORY: Consolidated Tape Association; Notice of Filing of the Eleventh Substantive Amendment to the Second Restatement of the Consolidated Tape Association Plan
DOCUMENT SUMMARY: December 5, 2007.
Pursuant to Section 11A of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that
on November 5, 2007, the Consolidated Tape Association (``CTA'') Plan
Participants (``Participants'')\3\ filed with the Securities and
Exchange Commission (``SEC'' or ``Commission'') a proposal to amend the
Second Restatement of the CTA Plan (the `` CTA Plan''). The proposal
represents the eleventh substantive amendment to the Plan (``Eleventh
Substantive Amendment'') and reflects changes unanimously adopted by
the Participants. The proposed amendment would permit Participants to
report to the Processor under the CTA Plan the actual number of shares
for each transaction (exclusive of oddlots), rather than to report the
number of round lots for each transaction. The Commission is publishing
this notice to solicit comments from interested persons on the proposed Eleventh Substantive Amendment to the CTA Plan.
I. Rule 608(a)
A. Description and Purpose of the Amendment
The Plan currently requires Participants to include in their transaction reports to the CTA Plan's processor the stock symbol of the Eligible Security, the price at which the transaction was executed, and the volume, in round lots, involved in the transaction.
The Eleventh Substantive Amendment proposes to replace the
requirement that Participants report each transaction's volume in round lots with a requirement that each Participant
[[Page 70622]]
report the actual number of shares for each transaction, exclusive of oddlots.
The Participants believe that reporting transactions in the actual
number of shares traded rather than round lots will add greater
transparency to the marketplace. The Participants also believe that it
remains appropriate to exclude odd lots from CTA trade reporting
because the small size of oddlot trades adds little to marketplace
transparency and because the number of oddlot trades would merely
serve to clutter data feeds and make it more difficult for investors to
obtain a true view of the markets for Eligible Securities. The text of
the proposed Amendment is available on the CTA's Web site (http://www.nysedata.com/cta ), at the principal office of the CTA, and at the
Commission's Public Reference Room.
B. Additional Information Required by Rule 608(a)
1. Governing or Constituent Documents
Not applicable.
2. Implementation of the Amendment
The Participants propose to implement the change soon after receipt
of Commission approval of the Amendment, but no earlier than January 1, 2008.
3. Development and Implementation Phases
See Item I(B)(2) above.
4. Analysis of Impact on Competition
The amendment will impose no burden on competition. 5. Written Understanding or Agreements relating to Interpretation of, or Participation in, Plan
The Participants have no written understandings or agreements relating to interpretation of the CTA Plan as a result of the amendment.
6. Approval by Sponsors in Accordance With Plan
Under Section IV(b) of the CTA Plan, each Plan Participant must
execute a written amendment to the CTA Plan before the amendment can become effective. The amendment is so executed.
7. Description of Operation of Facility Contemplated by the Proposed Amendment
a. Terms and Conditions of Access
Not applicable.
b. Method of Determination and Imposition, and Amount of, Fees and Charges
Not applicable.
c. Method of Frequency of Processor Evaluation
Not applicable.
d. Dispute Resolution
Not applicable.
II. Rule 601(a)
A. Equity Securities for Which Transaction Reports Shall Be Required by the Plan
Not applicable.
\1\ 15 U.S.C. 78k1.
\2\ 17 CFR 242.608.
\3\ Each Participant executed the proposed amendment. The
Participants are the American Stock Exchange LLC; Boston Stock
Exchange, Inc.; Chicago Board Options Exchange, Inc.; Chicago Stock
Exchange, Inc.; International Securities Exchange, LLC; The NASDAQ
Stock Market LLC; National Association of Securities Dealers, Inc.
(n/k/a the Financial Industry Regulatory Authority); National Stock
Exchange, Inc.; New York Stock Exchange LLC.; NYSE Arca, Inc.; and Philadelphia Stock Exchange, Inc.
B. Reporting Requirements
Not applicable.
C. Manner of Collecting, Processing, Sequencing, Making Available and Disseminating Last Sale Information
Not applicable.
D. Manner of Consolidation
Not applicable.
E. Standards and Methods Ensuring Promptness, Accuracy and Completeness of Transaction Reports
Not applicable.
F. Rules and Procedures Addressed to Fraudulent or Manipulative Dissemination
Not applicable.
G. Terms of Access to Transaction Reports
Not applicable.
H. Identification of Marketplace Execution
Not applicable.
III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed
Eleventh Substantive Amendment is consistent with the Act. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SRCTA200702. This file number should be included on the subject line if email 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 Plan amendment that are filed with the Commission, and all written communications relating to the Plan amendment 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 the CTA Plan amendment also will be available for inspection and copying at the principal office of the CTA. 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 SRCTA200702 and should be submitted on or before January 2, 2008.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\4\
\4\ 17 CFR 200.303(a)(27).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E723966 Filed 121107; 8:45 am]
BILLING CODE 801101P
SUMMARY: Consolidated Tape Association Plan; amendments,
DOCUMENT BODY 2: December 5, 2007.
Pursuant to Section 11A of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that
on November 5, 2007, the Consolidated Tape Association (``CTA'') Plan
Participants (``Participants'')\3\ filed with the Securities and
Exchange Commission (``SEC'' or ``Commission'') a proposal to amend the
Second Restatement of the CTA Plan (the `` CTA Plan''). The proposal
represents the eleventh substantive amendment to the Plan (``Eleventh
Substantive Amendment'') and reflects changes unanimously adopted by
the Participants. The proposed amendment would permit Participants to
report to the Processor under the CTA Plan the actual number of shares
for each transaction (exclusive of oddlots), rather than to report the
number of round lots for each transaction. The Commission is publishing
this notice to solicit comments from interested persons on the proposed Eleventh Substantive Amendment to the CTA Plan.
I. Rule 608(a)
A. Description and Purpose of the Amendment
The Plan currently requires Participants to include in their transaction reports to the CTA Plan's processor the stock symbol of the Eligible Security, the price at which the transaction was executed, and the volume, in round lots, involved in the transaction.
The Eleventh Substantive Amendment proposes to replace the
requirement that Participants report each transaction's volume in round lots with a requirement that each Participant
[[Page 70622]]
report the actual number of shares for each transaction, exclusive of oddlots.
The Participants believe that reporting transactions in the actual
number of shares traded rather than round lots will add greater
transparency to the marketplace. The Participants also believe that it
remains appropriate to exclude odd lots from CTA trade reporting
because the small size of oddlot trades adds little to marketplace
transparency and because the number of oddlot trades would merely
serve to clutter data feeds and make it more difficult for investors to
obtain a true view of the markets for Eligible Securities. The text of
the proposed Amendment is available on the CTA's Web site (http://www.nysedata.com/cta ), at the principal office of the CTA, and at the
Commission's Public Reference Room.
B. Additional Information Required by Rule 608(a)
1. Governing or Constituent Documents
Not applicable.
2. Implementation of the Amendment
The Participants propose to implement the change soon after receipt
of Commission approval of the Amendment, but no earlier than January 1, 2008.
3. Development and Implementation Phases
See Item I(B)(2) above.
4. Analysis of Impact on Competition
The amendment will impose no burden on competition. 5. Written Understanding or Agreements relating to Interpretation of, or Participation in, Plan
The Participants have no written understandings or agreements relating to interpretation of the CTA Plan as a result of the amendment.
6. Approval by Sponsors in Accordance With Plan
Under Section IV(b) of the CTA Plan, each Plan Participant must
execute a written amendment to the CTA Plan before the amendment can become effective. The amendment is so executed.
7. Description of Operation of Facility Contemplated by the Proposed Amendment
a. Terms and Conditions of Access
Not applicable.
b. Method of Determination and Imposition, and Amount of, Fees and Charges
Not applicable.
c. Method of Frequency of Processor Evaluation
Not applicable.
d. Dispute Resolution
Not applicable.
II. Rule 601(a)
A. Equity Securities for Which Transaction Reports Shall Be Required by the Plan
Not applicable.
\1\ 15 U.S.C. 78k1.
\2\ 17 CFR 242.608.
\3\ Each Participant executed the proposed amendment. The
Participants are the American Stock Exchange LLC; Boston Stock
Exchange, Inc.; Chicago Board Options Exchange, Inc.; Chicago Stock
Exchange, Inc.; International Securities Exchange, LLC; The NASDAQ
Stock Market LLC; National Association of Securities Dealers, Inc.
(n/k/a the Financial Industry Regulatory Authority); National Stock
Exchange, Inc.; New York Stock Exchange LLC.; NYSE Arca, Inc.; and Philadelphia Stock Exchange, Inc.
B. Reporting Requirements
Not applicable.
C. Manner of Collecting, Processing, Sequencing, Making Available and Disseminating Last Sale Information
Not applicable.
D. Manner of Consolidation
Not applicable.
E. Standards and Methods Ensuring Promptness, Accuracy and Completeness of Transaction Reports
Not applicable.
F. Rules and Procedures Addressed to Fraudulent or Manipulative Dissemination
Not applicable.
G. Terms of Access to Transaction Reports
Not applicable.
H. Identification of Marketplace Execution
Not applicable.
III. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed
Eleventh Substantive Amendment is consistent with the Act. Comments may be submitted by any of the following methods:
Electronic Comments
Paper Comments
All submissions should refer to File Number SRCTA200702. This file number should be included on the subject line if email 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 Plan amendment that are filed with the Commission, and all written communications relating to the Plan amendment 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 the CTA Plan amendment also will be available for inspection and copying at the principal office of the CTA. 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 SRCTA200702 and should be submitted on or before January 2, 2008.
For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.\4\
\4\ 17 CFR 200.303(a)(27).
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E723966 Filed 121107; 8:45 am]
BILLING CODE 801101P
Common CFR Searches
14 CFR Part 39 40 CFR Part 52 14 CFR Part 71 33 CFR Part 165 50 CFR Part 679 47 CFR Part 73 26 CFR Part 1 40 CFR Part 180 33 CFR Part 117 50 CFR Part 17 44 CFR Part 67 50 CFR Part 648 14 CFR Part 97 40 CFR Part 63 33 CFR Part 100 50 CFR Part 622 50 CFR Part 660 26 CFR Part 301 44 CFR Part 65 39 CFR Part 111 40 CFR Part 300 6 CFR Part 5 40 CFR Part 271 47 CFR Part 64 40 CFR Parts 52 and 81 50 CFR Part 665 10 CFR Part 50 44 CFR Part 64 49 CFR Part 571 39 CFR Part 3020