Federal Register / Vol. 70, No. 214 / Monday, November 7, 2005 / Notices 67503 

1 15 U.S.C. 78k–1. 

2 17 CFR 242.608. 

3The OPRA Plan is a national market system plan 

approved by the Commission pursuant to Section 

11A of the Act and Rule 608 thereunder (formerly 

Rule 11Aa3–2). See Securities Exchange Act 

Release No. 17638 (March 18, 1981), 22 S.E.C. 

Docket 484 (March 31, 1981). The full text of the 

OPRA Plan is available at http:// 

www.opradata.com. 

The OPRA Plan provides for the collection and 

dissemination of last sale and quotation information 

on options that are traded on the participant 

exchanges. The six participants to the OPRA Plan 

are the American Stock Exchange LLC, the Boston 

Stock Exchange, Inc., the Chicago Board Options 

Exchange, Inc., the International Securities 

Exchange, Inc., the Pacific Exchange, Inc., and the 

Philadelphia Stock Exchange, Inc (‘‘PHLX’’). 

4 15 U.S.C. 78k–1. 

5 17 CFR 242.608. 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–52710; File No. SR–OPRA–

2005–03] 

Options Price Reporting Authority; 

Notice of Filing of Proposed 

Amendment to the Plan for Reporting 

of Consolidated Options Last Sale 

Reports and Quotation Information To 

Provide That Classes of Foreign 

Currency Options Newly Introduced for 

Trading on the Philadelphia Stock 

Exchange Be Treated as Equity/Index 

Options During a Temporary Period 

Ending on December 31, 2007 

November 1, 2005. 

Pursuant to Section 11A of the 

Securities Exchange Act of 1934 

(‘‘Act’’) 1 and Rule 608 thereunder,2

notice is hereby given that on October 

21, 2005, the Options Price Reporting 

Authority (‘‘OPRA’’) submitted to the 

Securities and Exchange Commission 

(‘‘Commission’’) an amendment to the 

Plan for Reporting of Consolidated 

Options Last Sale Reports and 

Quotation Information (‘‘OPRA Plan’’).3

The proposed OPRA Plan amendment 

would provide that classes of Foreign 

Currency Options (‘‘FCO Securities’’ or 

‘‘FCO’’), newly introduced for trading 

on the PHLX during a temporary period 

ending no later than December 31, 2007, 

will be treated by OPRA as Equity/Index 

Options (‘‘EIO Securities’’ or ‘‘EIO’’) to 

the extent described in the proposed 

amendment. The Commission is 

publishing this notice to solicit 

comments from interested persons on 

the proposed OPRA Plan amendment. 

I. Description and Purpose of the 

Amendment 

FCO Securities under the OPRA Plan 

are currently traded only on the PHLX, 

which processes these options on a 

separate computer platform from its EIO 

Securities. The FCO platform is a legacy 

system, which is in the process of being 

converted to a newer technology. The 

PHLX has advised OPRA that it expects 

to have this effort completed no later 

than December 31, 2007, and that, in the 

meanwhile, the PHLX does not intend 

to devote resources to expanding the 

soon to be replaced legacy platform. 

Because the legacy FCO platform does 

not have the capacity to handle 

additional classes of FCO Securities that 

may be introduced for trading by the 

PHLX while the new platform is being 

developed, the PHLX has proposed to 

temporarily process any such new 

classes of FCO Securities on its EIO 

platform, which does have the capacity 

to handle them, until the new FCO 

platform is available. According to 

OPRA, this would mean that, while 

these new FCO Securities are on the EIO 

platform, their quotes and trade reports 

would be disseminated to OPRA over 

EIO data lines and not over the FCO 

data line. In turn, this would require 

OPRA to treat these quotes and trade 

reports as if they were EIO Securities. 

Thus, quotes and trade reports covering 

these new FCO Securities would be 

included in OPRA’s basic service and 

not in its FCO service, and revenues and 

expenses pertaining to market data 

regarding these new FCO Securities 

would be allocated to OPRA’s basic 

accounting center and further allocated 

among the parties to the OPRA Plan as 

if these products were EIO Securities 

and not FCO Securities. 

OPRA represents that all currently 

traded FCO products would continue to 

be disseminated on the current FCO 

data line, and would continue to be 

treated by OPRA as FCO Securities. 

Only newly traded FCO Securities 

would be treated as EIO Securities and 

only for a temporary period while the 

PHLX’s upgraded FCO platform is being 

developed. 

At the PHLX’s request, OPRA 

proposes to amend the OPRA Plan in 

order to codify in the language of the 

OPRA Plan the above-described 

temporary treatment of the PHLX’s 

newly traded FCO Securities. 

The text of the proposed amendment 

to the OPRA Plan is set forth below. 

Text additions are in italics. 

* * * * * 

VIII. Financial Matters 

* * * * * 

(c) FCO Accounting Center Costs and 

Revenues 

(i) and (ii) [No Change] 

(iii) Special Temporary Provision for 

Newly Traded FCO Securities. This 

paragraph (c)(iii) applies only to FCO 

Securities that are introduced for 

trading on the Philadelphia Stock 

Exchange (‘‘PHLX’’) during the period 

while this paragraph is in effect. FCO 

Securities introduced for trading by 

PHLX during this period are referred to 

as ‘‘New FCO Securities.’’

Notwithstanding anything in the Plan 

to the contrary, effective during a 

temporary period ending on December 

31, 2007, or on such earlier date as may 

be established by the party or parties 

trading New FCO Securities, written 

notice of which shall be given to the 

other parties (‘‘period of effectiveness’’), 

access to information and facilities 

pertaining to New FCO Securities shall 

not be subject to the separate fees and 

charges that would otherwise apply to 

such access pertaining to FCO 

Securities, but instead shall be subject 

to those fees and charges that apply to 

Eligible Securities other than FCO 

Options and Index Options. During the 

period of effectiveness, revenues derived 

from New FCO Securities shall be 

allocated to OPRA’s basic accounting 

center and shall be further allocated 

among the parties as described in 

section VIII(a)(iv), and trades in New 

FCO Index Options and not as trades in 

FCO Securities. At the close of business 

on the last day of the period of 

effectiveness, this section VIII(c)(iii) 

shall automatically terminate and cease 

to be of any further effect. 

* * * * * 

II. Implementation of the OPRA Plan 

Amendment 

The proposed amendment will be 

effective upon its approval by the 

Commission pursuant to Section 11A of 

the Act 4 and Rule 608 thereunder.5

OPRA states that the proposed 

amendment would apply to any new 

classes of FCO Securities introduced for 

trading on the PHLX during the period 

beginning at the time the proposed 

amendment is approved by the 

Commission and ending when the 

proposed amendment expires in 

accordance with its terms. 

III. Solicitation of Comments 

Interested persons are invited to 

submit written data, views, and 

arguments concerning the foregoing, 

including whether the proposed OPRA 

Plan amendment 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 

67504 Federal Register / Vol. 70, No. 214 / Monday, November 7, 2005 / Notices 

6 17 CFR 200.30–3(a)(29). 

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

2 17 CFR 240.19b–4. 

3On October 27, 2005, the Amex withdrew 

Amendment No. 1. 

4 In Amendment No. 2, the Exchange: (1) Clarified 

its current practice of assessing equity fees on 

transactions rather than orders; (2) provided further 

explanation of how the proposed rule change will 

attract additional order flow to the Exchange; (3) 

changed the name of the current ‘‘Regulatory Fee’’

to a ‘‘Specialist Transaction Fee’’ and provided 

clarification as to the purpose of that change; (4) 

amended the rule text to specifically indicate that 

System Orders are subject to a transaction charge; 

and (5) generally provided clarification regarding 

the purpose of the proposed rule change. 

5 15 U.S.C. 78s(b)(3)(A)(ii). 

6 17 CFR 240.19b–4(f)(2). 

7The Commission notes that a clarifying change 

was made to item (v). Telephone conference 

between Jeffrey P. Burns, Associate General 

Counsel, Amex, and Johnna B. Dumler, Attorney, 

Division of Market Regulation, Commission, on 

October 28, 2005. 

No. SR–OPRA–2005–03 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–OPRA–2005–

03. 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 plan 

amendment that are filed with the 

Commission, and all written 

communications relating to the 

proposed plan amendment 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. Copies of such filing also will 

be available for inspection and copying 

at the principal office of OPRA. 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–OPRA–2005–03 and should 

be submitted on or before November 28, 

2005. 

For the Commission, by the Division of 

Market Regulation, pursuant to delegated 

authority.6

Jonathan G. Katz, 

Secretary. 

[FR Doc. 05–22180 Filed 11–4–05; 8:45 am] 

BILLING CODE 8010–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–52701; File No. SR–Amex–

2005–101] 

Self-Regulatory Organizations; 

American Stock Exchange LLC; Notice 

of Filing and Immediate Effectiveness 

of Proposed Rule Change, and 

Amendment Nos. 1 and 2 Thereto, 

Relating to Equity Transaction 

Charges 

October 28, 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 

September 30, 2005, the American Stock 

Exchange LLC (‘‘Amex’’ 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 the Amex. On 

October 18, 2005, the Exchange filed 

Amendment No. 1 to the proposed rule 

change.3 On October 27, 2005, the Amex 

filed Amendment No. 2 to the proposed 

rule change.4 Amex has designated this 

proposal as one establishing or changing 

a due, fee, or other charge imposed by 

the Exchange under Section 

19(b)(3)(A),5 and Rule 19b–4(f)(2) 

thereunder,6 which renders the proposal 

effective upon filing with the 

Commission. The Commission is 

publishing this notice to solicit 

comments on the proposed rule change, 

as amended, from interested persons. 

I. Self-Regulatory Organization’s 

Statement of the Terms of Substance of 

the Proposed Rule Change 

The Exchange proposes to revise a 

variety of equity transaction fees that 

Exchange members are charged for 

executions on the Exchange. These fee 

changes will only apply to equity issues, 

and, accordingly will leave unchanged 

the current transaction charges for 

Portfolio Depositary Receipts, Index 

Fund Shares and Trust Issued Receipts 

(‘‘Exchange-Traded Funds’’ or ‘‘ETFs’’). 

The text of the proposed rule change, 

as amended, is available on the Amex’s 

Web site at http://www.amex.com, at the 

Office of the Secretary, the Amex, 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 

Amex included statements concerning 

the purpose of, and basis for, the 

proposed rule change, as amended, and 

discussed any comments it received on 

the proposal. The text of these 

statements may be examined at the 

places specified in Item IV below. The 

Amex 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 the 

Statutory Basis for, the Proposed Rule 

Change 

1. Purpose 

The Amex is proposing to amend its 

Equity Fee Schedule to revise a variety 

of transaction fees applicable to 

Exchange members. These fee changes 

will be assessed on Exchange members 

commencing October 3, 2005. 

The Exchange proposes the following 

changes to the Amex Equity Fee 

Schedule: (i) Adoption of a monthly 

transaction charge of $.0030 per share 

for up to 50 million shares and $.0025 

per share for amounts over 50 million 

shares; (ii) elimination of transaction 

charges based upon the total gross dollar 

amount; (iii) clarification that 

transaction charges are calculated based 

on each transaction rather than each 

order; (iv) revision to the transaction 

charges so that only the first 5,000 

shares of each executed transaction are 

assessed the charge; (v) elimination of 

transaction charges for transactions 

resulting from electronic orders of up to 

500 shares; 7 (vi) elimination of the fee 

exemption for transactions by Amex 

option specialists and registered options 

traders (‘‘ROTs’’) in paired securities; 

(vii) elimination of the 50% fee 

exemption for proprietary trades in 

Canadian securities; and (viii) changing 

the name of the ‘‘Regulatory Fee’’ to the