2320 Federal Register / Vol. 72, No. 11 / Thursday, January 18, 2007 / Notices 

6 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)(6). 

5 Investment Company Units are defined in Rule 

703.16 of the NYSE Listed Company Manual. 

6Trust Issued Receipts are defined in Exchange 

Rule 1200. 

7At that time, order types available to customers 

included both Stop Orders and Stop Limit Orders. 

Subsequently, on November 27, 2006, the 

Commission approved the Exchange’s proposal to 

eliminate Stop Limit Orders as an acceptable order 

type on the Exchange. See Securities Exchange Act 

Release No. 54820 (November 27, 2006), 71 FR 

70824 (December 6, 2006) (SR–NYSE–2006–65). 

Stop Limit Orders are therefore not addressed in 

this filing. 

(C) Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

The SIA Data Conversion Privacy 

Working Group initially requested 

NSCC provide this service. No written 

comments relating to the proposed rule 

change have been solicited or received. 

On November 3, 2006, NSCC notified 

members of the terms of AIT by 

Important Notice A#6334, P&S#5904. 

NSCC will notify the Commission of any 

written comments it receives. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

Within thirty-five days of the date of 

publication of this notice in the Federal 

Register or within such longer period: 

(i) As the Commission may designate up 

to ninety days of such date if it finds 

such longer period to be appropriate 

and publishes its reasons for so finding 

or (ii) as to which the self-regulatory 

organization consents, the Commission 

will: 

(A) By order approve such proposed 

rule change or 

(B) institute proceedings to determine 

whether the proposed rule change 

should be disapproved. 

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–NSCC–2006–18 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–NSCC–2006–18. 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 

Section, 100 F Street, NE., Washington, 

DC 20549. Copies of such filings also 

will be available for inspection and 

copying at the principal office of NSCC 

and on NSCC’s Web site at http:// 

www.nscc.com/legal/2006/2006-18- 

amendment.pdf. 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–NSCC–

2006–18 and should be submitted on or 

before February 2, 2007. 

For the Commission by the Division of 

Market Regulation, pursuant to delegated 

authority.6

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–585 Filed 1–17–07; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–55084; File No. SR–NYSE–

2006–90] 

Self-Regulatory Organizations; New 

York Stock Exchange LLC; Notice of 

Filing and Immediate Effectiveness of 

Proposed Rule Change Relating to 

Rule 13 (Definitions of Orders) 

January 10, 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 December 

27, 2006, the New York Stock Exchange 

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

the Securities and Exchange 

Commission (‘‘Commission’’) the 

proposed rule change as described in 

Items I and II below, which Items have 

been substantially prepared by the selfregulatory organization. The Exchange 

filed the proposed rule change pursuant 

to Section 19(b)(3)(A) of the Act 3 and 

Rule 19b–4(f)(6) thereunder,4 which 

renders the proposed rule change 

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 

NYSE proposes to amend Exchange 

Rule 13.30 to clarify that Stop Orders in 

Exchange Traded Funds (as defined 

below) are elected on quotes and trades. 

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 

self-regulatory organization included 

statements concerning the purpose of 

and basis for the proposed rule change. 

The text of these statements may be 

examined at the places specified in Item 

IV below. The self-regulatory 

organization 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 

The Exchange is seeking to amend 

Exchange Rule 13.30 to clarify that Stop 

Orders (‘‘STP’’) in Investment Company 

Units,5 Trust Issued Receipts,6 and 

securities treated similarly (i.e., 

streetTRACKS Gold Shares, See 

Exchange Rule 1300) (collectively 

Exchange-Traded Funds (‘‘ETFs’’)) are 

elected on both quotes and trades. 

Prior to December 1, 2000, STP 7

Orders in ETFs were elected only on 

trades. At that time a STP Order to buy 

ETFs was elected and became a market 

order only when a transaction in the 

security occurred at or above the stop 

price, after the order was routed to the 

Display Book or was manually 

represented by a Floor broker in the 


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Federal Register / Vol. 72, No. 11 / Thursday, January 18, 2007 / Notices 2321 

8See Securities Exchange Act Release No. 43658 

(December 1, 2000), 65 FR 77408 (December 11, 

2000) (SR–NYSE–2000–53). 

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

10 15 U.S.C. 78s(b)(3)(A). 11 17 CFR 240.19b–4(f)(6). 12 17 CFR 240.19b–4(f)(6)(iii). 13For purposes only of waiving the 30-day 

operative delay, the Commission has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. 15 U.S.C. 78c(f). 14 17 CFR 200.30–3(a)(12). 

Crowd. Similarly, a STP Order to sell 

ETFs was elected and became a market 

order only when a transaction in the 

security occurred at or below the stop 

price, after the order was routed to the 

Display Book or was manually 

represented by a Floor broker in the 

Crowd. 

On December 1, 2000, due to the 

inherent speed of ETF trading and quote 

changes, the Exchange amended Rule 

13.30 to allow STP Orders in ETFs to be 

elected also on quotations.8 The 

purpose of that amendment was to 

allow STP Orders in ETFs to participate 

more often and minimize STP Orders in 

ETFs from missing the market. It was 

not the Exchange’s intent to preclude 

STP Orders in ETFs from being elected 

on trades and nothing in that filing or 

the rule amendment excludes STP 

Orders in ETFs from election on trades. 

Rather, it added a section to provide 

that STP Orders in ETFs are elected on 

quotes, leaving the previous section 

regarding elections on trades intact. 

Since the amendment, the Exchange has 

elected STP Orders in ETFs on quotes 

and trades. In this filing, the Exchange 

seeks to amend Rule 13.30 to clarify that 

STP orders are elected on quotes and 

trades, in order to eliminate any 

ambiguity inherent in the current rule’s 

structure. 

2. Statutory Basis 

The basis under the Act for this 

proposed rule change is the requirement 

under Section 6(b)(5) 9 that an exchange 

have rules that are designed to promote 

just and equitable principles of trade, to 

remove impediments to and perfect the 

mechanism of a free and open market 

and a national market system and, in 

general, to protect investors and the 

public interest. 

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 

Because the foregoing proposed rule 

change does not significantly affect the 

protection of investors or the public 

interest; does not impose any significant 

burden on competition; and by its 

terms, does not become operative for 30 

days from the date on which it was 

filed, or such shorter time as the 

Commission may designate if consistent 

with the protection of investors and the 

public interest, it has become effective 

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

Act 10 and Rule 19b–4(f)(6) 

thereunder.11

A proposed rule change filed under 

Rule 19b–4(f)(6) normally may not 

become operative prior to 30 days after 

the date of filing. However, Rule 19b–

4(f)(6)(iii) 12 permits the Commission to 

designate a shorter time if such action 

is consistent with the protection of 

investors and the public interest. The 

Exchange has requested that the 

Commission waive the 30-day operative 

delay and designate the proposed rule 

change immediately operative upon 

filing. The Commission believes that 

waiver of the 30-day operative delay is 

consistent with the protection of 

investors and the public interest 

because it would clarify that stop orders 

in ETFs are elected on quotes and 

trades. Accordingly, the Commission 

designates the proposal to be effective 

and operative upon filing with the 

Commission.13

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–2006–90 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–2006–90. 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 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–2006–90 and should 

be submitted on or before February 8, 

2007. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.14

Florence E. Harmon, 

Deputy Secretary. 

[FR Doc. E7–616 Filed 1–17–07; 8:45 am] 

BILLING CODE 8011–01–P 


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