Federal Register / Vol. 70, No. 170 / Friday, September 2, 2005 / Notices 52455 

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

2 17 CFR 240. 19b–4. 

3See Securities Exchange Act Release No. 52033 

(July 14, 2005), 70 FR 42396. 

4 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). 

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

6 15 U.S.C. 78s(b)(2). 

7 17 CFR 200.30–3(a)(12). 

insurance, subsidiary deductible buydown options, or joint venture 

opportunities insurance from the 

commercial insurance market but 

intends to provide coverage in these 

areas ranging from $5 million to $15 

million through KIC. 

Applicants state that KIC can be used 

as a vehicle to lower costs to the 

KeySpan System companies by acting as 

a buffer layer between current 

commercial market deductibles and 

planned increases in such deductibles. 

KeySpan could engage the commercial 

market at higher deductibles than 

currently possible because KIC would 

insure the increased risk associated with 

higher deductibles. Increasing the 

commercial market deductibles would 

allow the KeySpan System to reduce 

commercial market premiums. The 

premium charged by KIC for this buffer 

layer would be calculated based on 

expected losses, utilizing the same 

method as used by commercial 

insurance companies. Applicants state 

that, the premium charged by KIC 

would not include an additional charge 

for profit or administration and would 

therefore provide further savings to the 

KeySpan System companies. 

Applicants state that, to the extent 

that KIC can provide insurance at a 

lower cost than that which could be 

obtained through traditional insurers, 

the savings would continue to flow 

through ratably to the KeySpan System 

companies through the allocation 

methodology used to establish 

premiums, as described above. 

Moreover, there would be no additional 

staffing requirements for KeySpan 

System companies. KIC would not be 

operated to generate profits beyond 

what is necessary to maintain adequate 

reserves. 

For the Commission by the Division of 

Investment Management, pursuant to 

delegated authority. 

Margaret H. McFarland, 

Deputy Secretary. 

[FR Doc. E5–4807 Filed 9–1–05; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

Bancorp International Group, Inc. File 

No. 500–1; Order of Suspension of 

Trading 

August 31, 2005. 

It appears to the Securities and 

Exchange Commission that all of the 

securities currently trading in the name 

of Bancorp International Group, Inc. 

(‘‘BCIT’’) and purportedly signed by 

Thomas Megas as President and M. Puig 

as Secretary are counterfeit. BCIT is 

quoted on the Pink Sheets LLC. 

The Commission is of the opinion that 

the public interest and the protection of 

investors require a suspension of trading 

in the securities of BCIT. 

Therefore, it is ordered, pursuant to 

section 12(k) of the Securities Exchange 

Act of 1934, that trading in BCIT is 

suspended for the period from 9:30 a.m. 

e.d.t., August 31, 2005 through 11:59 

p.m. e.d.t., on September 14, 2005. 

By the Commission. 

Jonathan G. Katz, 

Secretary. 

[FR Doc. 05–17593 Filed 8–31–05; 11:53 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–52341; File No. SR–BSE–

2005–20] 

Self-Regulatory Organizations; Boston 

Stock Exchange; Order Granting 

Approval to Proposed Rule Change 

Relating to Trade Shredding 

August 26, 2005. 

I. Introduction 

On June 23, 2005, the Boston Stock 

Exchange (‘‘BSE’’ or ‘‘Exchange’’) filed 

with the Securities and Exchange 

Commission (‘‘Commission’’) pursuant 

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

Exchange Act of 1934, as amended, 

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

the proposed rule change relating to 

trade shredding. The proposed rule 

change was published for notice and 

comment in the Federal Register on July 

22, 2005.3 The Commission received no 

comments on the proposal. This order 

approves the proposed rule change. 

II. Description of the Proposal 

The BSE proposed to add language to 

its existing BSE Rules to prohibit BSE 

members from splitting large orders into 

multiple smaller orders for any purpose 

other than best execution. The text of 

BSE Rules as the BSE is proposing to 

amend it is below. New text is in italics. 

* * * * * 

Chapter II 

Dealings on the Exchange 

Sec. 4. 

Units of Trading 

The unit of trading in bonds shall be 

$1000 in par value thereof. 

The unit of trading in stocks shall be 

100 shares, except that the Exchange 

may fix a smaller number of shares in 

any particular instance. 

Bids or offers for less than the unit of 

trading shall specify the par value of the 

bonds or number of shares of stock 

covered by the bid or offer. 

A customer’s order in the unit of 

trading, or multiples thereof, in any 

security traded on the Exchange, the 

primary market for which is on another 

Exchange, may not be split into oddlots. A member may not split any order 

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,4

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 perfect the mechanism 

of a free and open market and a national 

market system and, in general, to protect 

investors and the public interest.5 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. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,6 that the 

proposed rule change (File No. SR–

BSE–2005–20), be and hereby is, 

approved. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.7

Margaret H. McFarland, 

Deputy Secretary. 

[FR Doc. E5–4804 Filed 9–1–05; 8:45 am] 

BILLING CODE 8010–01–P