53828 Federal Register / Vol. 70, No. 175 / Monday, September 12, 2005 / Notices 

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

16 Id. 

17CFR 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)(ii). 

4 17 CFR 240.19b–4(f)(2). 

5For purposes of this proposal, a ‘‘dividend 

spread’’ transaction is any trade done within a 

defined time frame pursuant to a strategy in which 

a dividend arbitrage can be achieved between any 

two deep-in-the-money options. See Securities 

Exchange Act Release No. 48983 (December 23, 

2003), 68 FR 75703 (December 31, 2003) (SR-Phlx2003–80). 

6For purposes of this proposal, the Exchange 

defines a ‘‘merger spread’’ transaction as a 

transaction executed pursuant to a merger spread 

strategy involving the simultaneous purchase and 

sale of options of the same class and expiration 

date, but different strike prices, followed by the 

exercise of the resulting long options position, each 

executed prior to the date on which shareholders 

of record are required to elect their respective form 

of consideration, i.e., cash or stock. See Securities 

Exchange Act Release No. 51596 (April 21, 2005), 

70 FR 22381 (April 29, 2005) (SR–Phlx–2005–19). 

7Currently, the Exchange provides a rebate for 

certain contracts executed in connection with 

transactions occurring as part of a dividend spread 

strategy or merger spread strategy. See notes 5 and 

6, supra. 

8Similar to the Exchange’s current rebate process, 

members who wish to benefit from the fee cap are 

required to submit to the Exchange a written rebate 

request with supporting documentation. 

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

10 15 U.S.C. 78f(b)(4). 

11 15 U.S.C. 78s(b)(3)(A). 

12 17 CFR 240.19b–4(f)(2). 

referenced above. For the reasons set 

forth above, the Commission finds good 

cause to accelerate approval of the 

proposed rule change pursuant to 

Section 19(b)(2) of the Act.15

V. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,16 that the 

proposed rule change (SR–CHX–2005–

23) is hereby approved on an 

accelerated basis. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.17

Jonathan G. Katz, 

Secretary. 

[FR Doc. E5–4948 Filed 9–9–05; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–52380; File No. SR–Phlx–

2005–56] 

Self-Regulatory Organizations; 

Philadelphia Stock Exchange, Inc.; 

Notice of Filing and Immediate 

Effectiveness of Proposed Rule 

Change Relating to an Extension of the 

Pilot Program on Dividend Spread and 

Merger Spread Fee Caps Until March 1, 

2006 

September 2, 2005. 

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 August 

29, 2005, the Philadelphia Stock 

Exchange, Inc. (‘‘Phlx’’ or ‘‘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 prepared by Phlx. The 

Exchange designated the proposed rule 

change as establishing or changing a 

due, fee, or other charge imposed by the 

Exchange under Section 19(b)(3)(A)(ii) 

of the Act 3 and Rule 19b–4(f)(2) 

thereunder,4 which renders the proposal 

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 

Phlx proposes to extend for a period 

of six months its fee caps on equity 

option transaction and comparison 

charges on dividend spread 

transactions 5 and merger spread 

transactions.6 The current fee caps are 

in effect as a pilot program that expires 

on September 1, 2005. The Exchange 

proposes to extend the pilot program for 

the fee caps for a six-month period until 

March 1, 2006. The text of the proposed 

rule change is available on the 

Exchange’s Web site (http:// 

www.phlx.com), at the Office of the 

Secretary, Phlx, and at the Commission. 

II. Self-Regulatory Organization’s 

Statement of the Purpose of, and 

Statutory Basis for, the Proposed Rule 

Change 

In its filing with the Commission, 

Phlx 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. Phlx 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 

Currently, the Exchange imposes a fee 

cap on equity option transaction and 

comparison charges on merger spread 

transactions and dividend spread 

transactions executed on the same 

trading day in the same options class. 

Specifically, ROTs’ and specialists’

equity option transaction and 

comparison charges are capped at 

$1,750 for transactions effected 

pursuant to a merger spread strategy or 

dividend spread strategy when the 

dividend is $0.25 or greater. However, 

for dividend spread transactions for a 

security with a declared dividend or 

distribution of less than $0.25, the 

ROTs’ and specialists’ equity option 

transaction and comparison charges are 

capped at $1,000 for transactions 

effected pursuant to a dividend spread 

strategy executed on the same trading 

day in the same options class. The fee 

caps are implemented after any 

applicable rebates are applied to ROT 

and specialist equity option transaction 

and comparison charges.7 The purpose 

of extending the pilot program for a sixmonth period is to continue to attract 

additional liquidity to the Exchange and 

to remain competitive.8

2. Statutory Basis 

The Exchange believes that the 

proposed rule change is consistent with 

Section 6(b) of the Act,9 in general, and 

furthers the objectives of Section 6(b)(4) 

of the Act 10 in particular, in that it is 

an equitable allocation of reasonable 

fees among Exchange members. 

B. Self-Regulatory Organization’s 

Statement on Burden on Competition 

The Exchange does not believe that 

the proposed rule change will impose 

any inappropriate burden on 

competition. 

C. Self-Regulatory Organization’s 

Statement on Comments on the 

Proposed Rule Change Received From 

Members, Participants, or Others 

No written comments were either 

solicited or received. 

III. Date of Effectiveness of the 

Proposed Rule Change and Timing for 

Commission Action 

The foregoing rule change has become 

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

of the Act 11 and paragraph (f)(2) of Rule 

19b–4 thereunder 12 because it is 

establishing or changing a due, fee, or 

other charge applicable only to the 

Exchange’s members. 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 

Federal Register / Vol. 70, No. 175 / Monday, September 12, 2005 / Notices 53829 

13 17 CFR 200.30–3(a)(12). 

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–Phlx–2005–56 on the 

subject line. 

Paper Comments 

• Send paper comments in triplicate 

to Jonathan G. Katz, Secretary, 

Securities and Exchange Commission, 

100 F Street, NE., Washington, DC 

20549–9303. 

All submissions should refer to File 

Number SR–Phlx–2005–56. 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–Phlx–2005–56 and should 

be submitted on or before October 3, 

2005. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.13

Jonathan G. Katz, 

Secretary. 

[FR Doc. 05–18005 Filed 9–9–05; 8:45 am] 

BILLING CODE 8010–01–P 

DEPARTMENT OF TRANSPORTATION 

Federal Aviation Administration 

Public Notice for Waiver of 

Aeronautical Land-Use Assurance 

Bolton Field Airport, Columbus, OH 

AGENCY: Federal Aviation 

Administration, DOT. 

ACTION: Notice of intent of waiver with 

respect to land. 

SUMMARY: The Federal Aviation 

Administration (FAA) is considering a 

proposal to change a portion of the 

airport designated aeronautical use to 

non-aeronautical use and to authorize 

the release of 1.5411 acres of airport 

property for an exchange of property 

between the Columbus Regional Airport 

Authority (CRAA) and the City of 

Columbus. The land currently houses a 

fire station that will remain on the site. 

The land was conveyed to the City of 

Columbus in Deed Volume 2806, page 

644 of the Recorder’s Office, Franklin 

County, Ohio. The land was acquired by 

the City of Columbus with funding from 

Federal Grant 8–39–0026–01. There are 

no impacts to the airport by allowing 

the airport to dispose of the property. 

Approval does not constitute a 

commitment by the FAA to financially 

assist in the disposal of the subject 

airport property nor a determination of 

eligibility for grant-in-aid funding from 

the FAA. In exchange, the CRAA will 

receive a parcel of land (43.562 acres) 

currently being used as a golf course 

facility adjacent to Port Columbus 

International Airport. This parcel is 

partially located in the existing Runway 

Protection Zone for Runway 10R–28L 

and is partially located in the Runway 

Protection Zone for future Runway 10R–

28L as indicated on the approved 

Airport Layout Plan (ALP) for Port 

Columbus International Airport. In 

accordance with section 47107(h) of 

title 49, United States Code, this notice 

is required to be published in the 

Federal Register 30 days before 

modifying the land-use assurance that 

requires the property to be used for an 

aeronautical purpose. 

DATES: Comments must be received on 

or before October 12, 2005. 

FOR FURTHER INFORMATION CONTACT: 

Mary W. Jagiello, Program Manager, 

Federal Aviation Administration, Great 

Lakes Region, Detroit Airports District 

Office, DET ADO–608, 11677 South 

Wayne Road, Suite 107, Romulus, 

Michigan 48174. Telephone Number 

(734) 229–2956/FAX Number (734) 229–

2950. Documents reflecting this FAA 

action may be reviewed at this same 

location or at Bolton Field Airport, 

Columbus, Ohio. 

SUPPLEMENTARY INFORMATION: Following 

is a legal description of the property 

located in Columbus, Franklin County, 

Ohio, and described as follows: 

Beginning for reference at Franklin 

County Monument #4448, located at the 

intersection of Alkire Road and Bukey 

Road (abandoned); 

Thence north 87°12′49′′ West along 

the centerline of Alkire Road, a distance 

of 1322.81 feet to a railroad spike set 

and the true place of beginning; 

Thence South 02°47′11′′ West passing 

a 3⁄4′′ iron pipe and cap set at 30.00 feet, 

a total distance of 274.25 feet to a 3⁄4′′ 

iron pipe and cap set; 

Thence North 87°12′49′′ West, a 

distance of 235.89 feet to a 3⁄4′′ iron pipe 

and cap set; 

Thence North 00°55′14′′ West passing 3⁄4′′ iron pipes and caps at 88.48 feet and 

244.77 feet, a total distance of 274.83 

feet to a railroad spike set in the 

centerline of Alkire Road; 

Thence South 87°12′49′′ East along 

the centerline of said Alkire Road, a 

distance of 253.66 feet to the place of 

beginning, containing 1.5411 acres of 

land and being subject to all legal 

highways, easements and restrictions of 

record. 

Bearings are based on State Plane 

Coordinates NAD 83. All 3⁄4′′ iron pipes 

and caps set has the logo S5669. 

Issued in Romulus, Michigan on August 5, 

2005. 

Winsome A. Lenfert, 

Acting Manager, Detroit Airports District 

Office, FAA, Great Lakes Region. 

[FR Doc. 05–17989 Filed 9–9–05; 8:45 am] 

BILLING CODE 4910–13–M 

DEPARTMENT OF TRANSPORTATION 

Maritime Administration 

Marine Transportation System National 

Advisory Council 

ACTION: National Advisory Council 

public meeting. 

SUMMARY: The Maritime Administration 

announces that the Marine 

Transportation System National 

Advisory Council (MTSNAC) will hold