Federal Register / Vol. 72, No. 62 / Monday, April 2, 2007 / Notices 15749 

9 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3 15 U.S.C. 78s(b)(3)(A). 

4 17 CFR 240.19b–4(f)(5). 

5See Securities Exchange Act Release No. 55398 

(March 5, 2007), 72 FR 11072 (March 12, 2007) (SR–

NYSE–2007–25). 

6See Regulation NMS Rule 612, 17 CFR 242.612, 

which permits markets to accept bids, offers, orders 

and indications of interest in increments smaller 

than a $0.01, but not less than $0.0001, for stocks 

priced below $1.00 per share and to quote and trade 

such stocks in sub-pennies. Markets may choose not 

to accept such bids, offers, orders or indications of 

interest and the NYSE has done so, maintaining a 

minimum trading and quoting variation of $0.01 for 

all securities trading below $100,000. See NYSE 

Rule 62. 

7See 17 CFR. 242.600(b)(4). 

Electronic Comments 

• Use the Commission’s Internet 

comment form (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to 

rulecomments@sec.gov. Please include 

File Number SR–NYSE–2007–28 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–1090. 

All submissions should refer to File 

Number SR–NYSE–2007–28. 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 (http://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. Copies of such filing also will be 

available for inspection and copying at 

the principal office of the NYSE. 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–NYSE–2007–28 and should 

be submitted on or before April 23, 

2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.9

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–5964 Filed 3–30–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55537; File No. SR–NYSE–

2007–30] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Rule 123D (Openings and Halts in 

Trading) 

March 27, 2007. 

Pursuant to Section 19(b)(1) of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on March 19, 

2007, the New York Stock Exchange 

LLC (‘‘NYSE’’ or the ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I, II, and III below, which Items 

have been substantially prepared by the 

Exchange. The NYSE has filed this 

proposal pursuant to Section 19(b)(3)(A) 

of the Act 3 and Rule 19b–4(f)(5) 

thereunder,4 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 NYSE proposes to amend NYSE 

Rule 123D(3) to establish that any orders 

received by the NYSE in a security 

subject to a ‘‘Sub-penny Trading’’

condition will be routed to NYSE Arca, 

Inc. (‘‘NYSE Arca’’) and handled in 

accordance with the rules governing 

that market. The text of the proposed 

rule change is available at the 

Exchange’s Office of the Secretary, on 

the Exchange’s Web site at http:// 

www.nyse.com/ 

Frameset.html?displayPage=http:// 

apps.nyse.com/commdata/pub19b4.nsf/ 

rulefilings?openview, 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 

Exchange 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 these 

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 aspects of such 

statements. 

A. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

Recently, the Exchange amended 

NYSE Rule 123D to add subsection (3),5

which provides for a non-regulatory 

trading halt on the NYSE when 

securities listed on the Exchange 

approach the price at which quoting and 

trading in sub-penny increments is 

permitted pursuant to SEC Rules.6

Pursuant to NYSE Rule 123D(3), 

whenever a security trading on the 

Exchange is reported on the 

consolidated tape during normal trading 

hours as having traded at a price of 

$1.05 or less, or if a security would open 

on the Exchange at a price of $1.05 or 

less, trading in the security on the 

Exchange shall be immediately halted 

due to a ‘‘Sub-penny Trading’’

condition. Once halted for such reason, 

trading shall not resume on the 

Exchange until the security has traded 

on another automated trading center as 

defined in Commission Rule 600(b)(4) 7

for at least one entire trading day at a 

price or prices that are at all times at or 

above $1.10. Any such resumption of 

trading shall occur at the beginning of 

a trading day, so that normal opening 

procedures can apply. In contrast to 

other trading halts described in NYSE 

Rule 123D, a ‘‘Sub-penny Trading’’ halt 

is automatic and does not require the 

approval of any Floor Officials. 

However, if a determination is made by 

a Floor Official that a trade that 

triggered a halt because of a ‘‘Sub-penny 

Trading’’ condition was made in error or 

otherwise was an anomaly, trading of 

the security on the Exchange will 

resume immediately. 

The purpose of this filing is to amend 

NYSE Rule 123D(3) to reflect that orders 

entered with the Exchange in a security 

subject to a ‘‘Sub-penny Trading’’


hsrobinson on PROD1PC76 with NOTICES
15750 Federal Register / Vol. 72, No. 62 / Monday, April 2, 2007 / Notices 

8 15 U.S.C. 78f(b). 

9 15 U.S.C. 78f(b)(5). 

10 15 U.S.C. 78s(b)(3)(A)(iii). 11 17 CFR 19b–4(f)(5). 

12 17 CFR 200.30–3(a)(12). 

1 15 U.S.C. 78s(b)(1). 

2 17 CFR 240.19b–4. 

3Securities Exchange Act Release No. 55299 

(February 15, 2007), 72 FR 8233. 

condition halt will be immediately 

routed to NYSE Arca, where they will 

be handled in accordance with the rules 

governing that market. This process will 

facilitate customers who maintain 

systems connectivity with the Exchange, 

but may not have direct connectivity 

with NYSE Arca. If the entity entering 

the order on the Exchange is not an 

NYSE Arca ‘‘ETP Holder’’ as defined in 

NYSE Arca Rule 1.1(m), such order will 

be cancelled by NYSE Arca when 

received. Similarly, if an order routed 

by the NYSE to NYSE Arca contains 

execution instructions not supported by 

NYSE Arca, such order will be 

cancelled by NYSE Arca when received. 

In addition, NYSE Rule 123D(3) is 

amended to reflect that the Exchange 

will cancel any open limit orders in the 

Display Book system with respect to 

securities that become subject to a ‘‘Subpenny Trading’’ condition halt. 

2. Statutory Basis 

The proposed rule change is 

consistent with Section 6(b) of the Act,8

in general, and furthers the objectives of 

Section 6(b)(5) of the Act,9 in particular, 

in that 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. 

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 

The Exchange has neither solicited 

nor received written comments on the 

proposed rule change. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing proposed rule change 

has become effective upon filing 

pursuant to Section 19(b)(3)(A)(iii) of 

the Act 10 and Rule 19b–4(f)(5) 

thereunder 11 because it effects a change 

in an existing order-entry or trading 

system of a self-regulatory organization 

that: (i) Does not significantly affect the 

protection of investors or the public 

interest; (ii) does not impose any 

significant burden on competition; and 

(iii) does not have the effect of limiting 

the access to or availability of the 

system. 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 (http://www.sec.gov/ 

rules/sro.shtml); or 

• Send an e-mail to rulecomments@sec.gov. Please include File 

Number SR–NYSE–2007–30 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Nancy M. Morris, Secretary, 

Securities and Exchange Commission, 

Station Place, 100 F Street NE., 

Washington, DC 20549–1090. 

All submissions should refer to File 

Number SR–NYSE–2007–30. 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 (http://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. Copies of such filing also will be 

available for inspection and copying at 

the principal offices 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–NYSE–2007–30 and should 

be submitted on or before April 23, 

2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.12

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–5965 Filed 3–30–07; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55536; File No. SR–NYSE–

2007–01] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Order 

Approving Proposed Rule Change to 

Amend Listing and Annual Fees 

Applicable to Investment Company 

Units, Currency Trust Shares, 

Commodity Trust Shares and 

streetTRACKS Gold Shares 

March 27, 2007. 

On January 24, 2007, the New York 

Stock Exchange LLC (‘‘NYSE’’ 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 19b–4 

thereunder,2 a proposal to amend initial 

listing fees and annual fees applicable to 

Investment Company Units (‘‘ICUs’’), 

Currency Trust Shares, Commodity 

Trust Shares and streetTRACKS Gold 

Shares in Section 902.07 of the NYSE 

Listed Company Manual (‘‘Manual’’), 

and to make conforming amendments to 

Sections 902.02 and 902.03 of the 

Manual. The proposed rule change was 

published for comment in the Federal 

Register on February 23, 2007.3 The 

Commission did not receive any 

comments regarding the proposal. This 

order approves the proposed rule 

change. 

Under the proposed rule change, the 

current flat $5,000 Listing Fee for each 

series of ICUs will be broadened to also 

apply to each series of streetTRACKS

Gold Shares and each issue of Currency 

Trust Shares and Commodity Trust 

Shares. Further, the Listing and Annual 

Fees for ICUs, streetTRACKS Gold 


hsrobinson on PROD1PC76 with NOTICES