Federal Register / Vol. 73, No. 196 / Wednesday, October 8, 2008 / Notices 58997 

near future a proposal to adopt Disciplinary Rule 

478T, which would govern the temporary 

disciplinary procedures applicable to certain legacy 

disciplinary proceedings. 

29 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). 

30 15 U.S.C. 78f(b)(5). 

31 15 U.S.C. 78f(b)(8). 

32See Hybrid Market Approval Order, supra note 

25. 

33 15 U.S.C. 78s(b)(2). 

34 17 CFR 200.30–3(a)(12). 

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

2 17 CFR 240.19b–4. 

3See Securities Exchange Act Release No. 58408 

(August 22, 2008), 73 FR 50845. 

4 In approving this proposed rule change, the 

Commission notes that it has considered the 

proposed rule’s impact on efficiency, competition, 

and capital formation. 15 U.S.C. 78c(f). 

5 15 U.S.C. 78f. 

6 15 U.S.C. 78f(b)(5). 

7 15 U.S.C. 78s(b)(2). 

8 17 CFR 200.30–3(a)(12). 

completion of the Options Relocation, 

the 86 Trinity Rules—including Amex 

Rule 0—would no longer be operative 

and would be rescinded by the 

Exchange. 

III. Discussion 

The Commission has carefully 

reviewed 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.29 In 

particular, the Commission finds that 

the proposed rule change is consistent 

with Section 6(b)(5) of the Act,30 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 

transactions in securities, 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. The Commission also 

finds that the proposed rule change is 

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

Act,31 which requires that the rules of 

an exchange not impose any burden on 

competition that is not necessary or 

appropriate in furtherance of the 

purposes of the Act. The Commission 

notes that the proposed rules for the 

new NYSE Alternext market relating to 

membership, member firm conduct, and 

equities trading are substantially similar 

to existing NYSE rules, which have been 

previously subject to notice and 

comment and, where appropriate, 

approved by the Commission.32

This approval is based on the 

Commission’s understanding that the 

equity trading system of NYSE Alternext 

will not trade any securities that are 

traded on NYSE. If in the future NYSE 

Alternext wishes to trade any security 

that is also traded on NYSE, NYSE 

Alternext must first file with the 

Commission a proposed rule change 

pursuant to Section 19(b)(1) of the Act. 

All Amex members will, upon the 

closing of the Mergers, be approved as 

members of NYSE Alternext. However, 

since the new NYSE Alternext 

membership qualification rules are not 

identical to the current Amex rules, the 

Exchange has proposed a six-month 

grace period for members to meet the 

new requirements and for members to 

take any necessary examinations. The 

Commission believes this is a 

reasonable accommodation for existing 

members of the Exchange that meet the 

current membership requirements but 

which might not immediately be able to 

satisfy the new membership 

requirements. 

Finally, the Commission believes that 

the transitional rules proposed by the 

Exchange are consistent with the Act. 

They appear reasonably designed to 

promote an orderly transition by Amex 

members from the 86 Trinity Trading 

Systems to the NYSE Alternext Trading 

Systems. 

IV. Conclusion 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,33 that the 

proposed rule change (SR–Amex–2008– 

63) be, and it hereby is, approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.34

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–23766 Filed 10–7–08; 8:45 am] 

BILLING CODE 8011–01–P 

SECURITIES AND EXCHANGE 

COMMISSION 

[Release No. 34–58687; File No. SR–BSE– 

2008–42] 

Self-Regulatory Organizations; Boston 

Stock Exchange, Inc.; Order Granting 

Approval of a Proposed Rule Change 

Relating to the Appointment of Market 

Makers on the Boston Options 

Exchange Facility 

September 30, 2008. 

On August 19, 2008, the Boston Stock 

Exchange, Inc. (‘‘BSE’’ 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 proposed rule 

change to modify the rules of the Boston 

Options Exchange Group, LLC (‘‘BOX’’) 

to: (i) clarify that a Market Maker 

seeking to withdraw from a particular 

appointment will be required to provide 

BOX with at least three business days’ 

written notice of such withdrawal 

regardless of how long the Market 

Maker held such appointment, by 

removing conflicting language in BOX 

Rule 4(f) of Chapter VI that requires 

Market Makers to maintain active 

markets in all classes in which the 

Market Maker is appointed for a period 

of at least six months; and (ii) revise the 

formatting of Supplementary Material to 

Chapter VI, Section 5(c)(ii) of the BOX 

rules. 

The proposed rule change was 

published for comment in the Federal 

Register on August 28, 2008.3 The 

Commission received no comments on 

the proposal. 

The Commission finds that the 

proposed rule change is consistent with 

the requirements of the Act and the 

rules and regulations thereunder 

applicable to a national securities 

exchange 4 and, in particular, the 

requirements of Section 6 of the Act 5

and the rules and regulations 

thereunder. Specifically, the 

Commission finds that the proposal is 

consistent with Section 6(b)(5) of the 

Act,6 in that the proposal is designed to 

promote just and equitable principles of 

trade and remove impediments to and 

perfect the mechanism of a free and 

open market and a national market 

system. The Commission believes that 

the proposed rule change will eliminate 

ambiguity within BOX’s rules and 

provide greater clarity concerning 

Market Maker appointments and 

requests to withdraw from such 

appointments. 

It is therefore ordered, pursuant to 

Section 19(b)(2) of the Act,7 that the 

proposed rule change (File No. SR– 

BSE–2008–42) be, and it hereby is, 

approved. 

For the Commission, by the Division of 

Trading and Markets, pursuant to delegated 

authority.8

Florence E. Harmon, 

Acting Secretary. 

[FR Doc. E8–23759 Filed 10–7–08; 8:45 am] 

BILLING CODE 8011–01–P 


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