Document ID: SEC-2005-0035-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: New York Stock Exchange, Inc.
Posted Date: 2005-09-28T04:00Z

[Federal Register: September 28, 2005 (Volume 70, Number 187)]
[Notices]               
[Page 56757-56761]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr28se05-206]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52475; File No. SR-NYSE-2005-50]

 
Self-Regulatory Organizations; New York Stock Exchange, Inc.; 
Notice of Filing of Proposed Rule Change Relating to Proposed 
Amendments to Rules 282 (Mandatory Buy-In), 284 (Procedure for Closing 
Defaulted Contract), 289 (Must Receive Delivery), and 290 (Defaulting 
Party May Deliver After Notice of Intention To Close)

September 20, 2005.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act''),\1\ notice is hereby given that on July 15, 2005, the New 
York Stock Exchange, Inc. (``NYSE'') filed with the Securities and 
Exchange Commission (``Commission'') the proposed rule change described 
in Items I, II, and III below, which items have been prepared primarily 
by the NYSE. The Commission is publishing this notice to solicit 
comments on the proposed rule change from interested parties.
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    \1\ 15 U.S.C. 78s(b)(1).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The NYSE hereby proposes an amendment to Rules 282 (``Mandatory 
Buy-In''), 284 (``Procedure for Closing Defaulted Contract''), 289 
(``Must Receive Delivery''), and 290 (``Defaulting Party May Deliver 
After Notice of Intention to Close'') to standardize buy-in rules and 
procedures. The proposed rule change is set forth below. Proposed new 
language is italicized; proposed deletions are in [brackets].

Rule 282--[Mandatory] Buy-In Procedures

    A contract in securities, [other than] except a contract where its 
[the] close-out [of which] is governed by the rules of a Qualified 
Clearing Agency, which has not been [fulfilled] completed by the seller 
in accordance with its terms, [for a period of thirty calendar days] 
may be closed-out by the buyer (i.e., the initiating member 
organization) no sooner than three business days after the due date for 
delivery, [shall be closed] pursuant to the following procedures:
    (a) [A NOTICE of intention in triplicate] An initiating member 
organization (buyer) may deliver a written ``buy-in'' notice [shall be 
delivered] to the defaulting member organization [in default] at or 
before 12:00 [p.m.] noon ET at least two business days before the 
proposed execution of a ``buy-in'' [on the fourth business day prior to 
the thirty-first calendar day after the due date of the contract] (the 
buy-in execution date shall be referred to as the ``effective date'' of 
the notice). [Hereafter, such fourth business day shall be referred to 
as the Effective Date of NOTICE. A copy of a receive order] Receipt of 
delivery to the defaulting member organization, [issued by a Qualified 
Clearing Agency or a stamped comparison must accompany] must be 
maintained with the [NOTICE when delivered] notice as part of the 
initiating member organization's books and records. [If neither of 
these documents is available, then, if possible, other evidence of the 
item should accompany the NOTICE.]
    (b) The defaulting member organization receiving the [NOTICE of 
intention] ``buy-in'' notice must [indicate on the copies of the 
NOTICE] send a signed, written response to the initiating organization 
stating its position with respect to the resolution of the item [and 
then return, to the initiating organization, a copy signed by a member, 
allied member officer or authorized representative of the organization] 
no later than 5:00 p.m. ET on [the third business day after the 
Effective Date of NOTICE] the date of issuance of the ``buy-in'' notice 
(the ``buy-in'' notice date).
    [(c) If the NOTICE is returned to the initiating party ``DK'd,'' 
the initiating party shall itself ``close-out'' the contract with 
reasonable promptness. The party which ``DK'd'' the NOTICE may not seek 
to fulfill the contract at a later date. No such ``close-out'' by the 
initiating organization shall preclude it from taking action to recover 
any resulting damages.]
    ([d] c) If the [NOTICE] ``buy-in'' notice has not been returned by 
5:00 p.m. ET on the ``buy-in'' notice date, [duly signed, when due] or 
the ``buy-in'' notice is returned as ``DK'd,'' or the [NOTICE] ``buy-
in'' notice is returned with the indication that the contract is known 
but that delivery cannot be made, a ``buy-in'' [ORDER in duplicate 
shall be sent to the member or organization in default by 9:30 a.m.] 
shall be executed on the ``effective date'' by the initiating member 
organization by purchasing all or part of the securities necessary to 
satisfy the amount requested in the ``buy-in'' notice. [on the thirty-
first calendar day after the due date or, if the Exchange is closed on 
such day, on the next day that the Exchange is open for trading.]
    (d) Where the buyer is a customer (other than another member

[[Page 56758]]

organization), upon failure of a defaulting member organization to 
effect delivery in accordance with a ``buy-in'' notice, the contract 
may be closed-out by purchasing for ``cash'' in the best available 
market, or at the option of the initiating member organization, for 
guaranteed delivery for all or any part of the securities necessary to 
complete the contract. ``Buy-ins'' executed in accordance with this 
paragraph shall be for the account and risk of the defaulting member 
organization.
    (e) [Such ORDER shall be filed on the mandatory ``buy-in'' ORDER 
form and shall be understood to be entered as an open order capable of 
being executed on a ``cash,'' ``next-day'' or ``regular-way'' basis.] 
Every ``buy-in'' notice shall state the date of the contract to be 
closed, the quantity and the contract price of the securities covered 
by said contract, the settlement date of said contract and any other 
information deemed necessary to properly identify the contract to be 
closed. Such notice shall state further that `unless delivery of the 
underlying securities is effected at or before 3:00 p.m. ET on the 
``effective date'' of the ``buy-in'' notice, the security may be 
``bought in'' on the date specified for the account of the initiating 
member organization.' Each ``buy-in'' notice shall also state the name 
and telephone number of the individual authorized to pursue further 
discussions concerning the ``buy-in.''
    (f) [The original ORDER will be given for execution to a member of 
or a representative designated by the member organization listed on the 
order as being in default. Such ORDER shall be executed on that day, 
unless (1) a Floor Governor, Senior Floor Official, or Executive Floor 
Official shall defer the execution because a fair market in which to 
close the contract is not available or (2) the party in default has 
physical possession of the security and has notified the member 
organization which initiated the ORDER that it intends to make 
immediate delivery.] Securities delivered subsequent to the receipt of 
the ``buy-in'' notice should be considered as received pursuant to the 
``buy-in'' notice. Delivery of the requisite number of shares, as 
stated in the ``buy-in'' notice, or execution of the ``buy-in'' will 
also operate to close-out all contracts covered under re-transmitted 
notices of ``buy-ins'' issued pursuant to the original notice of ``buy-
in,'' pursuant to Rule 285. If a re-transmitted ``buy-in'' is executed, 
it will operate to close-out all contracts covered under the re-
transmitted notice. A ``buy-in'' may be executed by the initiating 
member organization from its long position and/or from customers' 
accounts maintained with such member organization.
    (g) [The member of or a representative designated by the member 
organization in default shall render a report of execution to the 
member organization initiating the buy-in ORDER or return the original 
ORDER indicating the reason for its non-execution. When a Floor 
Governor, Senior Floor Official, or Executive Floor Official has 
deferred execution, his signature should appear on the ORDER form. (A 
Floor report covering any execution should be submitted to the 
Information Desk on the Floor together with the ORDER form.)] Prior to 
the closing of a contract on which a ``buy-in'' notice has been given, 
the initiating member organization shall accept any portion of the 
securities called for by the contract, provided the portion remaining 
undelivered at the time the initiating member organization proposes to 
execute the ``buy-in'' is not an amount which includes an odd-lot which 
was not part of the original transaction.
    (h) [The member organization which initiated the ORDER shall take 
into consideration the Floor brokerage, in adjusting any money 
difference as set forth in Rule 287.] The initiating member 
organization executing the ``buy-in'' shall immediately upon execution, 
but no later than 5:00 p.m. ET, notify the defaulting member 
organization as to the quantity purchased and the price paid. Such 
notification shall be in written or electronic form having 
contemporaneous receipt capabilities, or if not available, the 
telephone shall be used for the purpose of same day notification, 
provided that written or similar electronic notification having next 
day receipt capabilities must also be sent out simultaneously. In 
either case, formal confirmation of purchase along with a billing or 
payment, as appropriate, should be forwarded as promptly as possible 
after the execution of the ``buy-in.''
    (i) In situations where securities have been delivered by the 
defaulting member organization after the ``buy-in'' [ORDER] order was 
[filed] placed, the securities may be returned if the ``buy-in'' [ORDER 
were] was executed before it could reasonably be cancelled by the 
initiating member organization.
    (j) For purposes of this Rule, written notice shall include an 
electronic notice through a medium that provides contemporaneous return 
receipt capability. Such electronic media shall include but not be 
limited to facsimile transmission, a computerized network facility, or 
the electronic functionality of a Qualified Clearing Agency, etc.
    [Every reasonable means to borrow securities in order to make 
delivery on open contracts shall be employed by member organizations. 
If, however, unusual circumstances exist whereby securities cannot be 
borrowed, application for suspension of this rule with respect to a 
specific contract may be made to The Market Surveillance Division of 
the Exchange by the twenty-fifth calendar day after the due date for 
delivery. Such application shall set forth the unusual circumstances as 
well as the unsuccessful efforts made by the member organization to 
borrow securities in order to effect delivery.]
    [If, in the opinion of the Exchange, unusual circumstances exist, 
the Exchange may direct that the operation of this Rule be temporarily 
suspended for such period of time as it may determine, either with 
respect to the market generally, with respect to a specific security or 
securities or with respect to a specific contract or contracts, but no 
such suspension shall relieve the party in default of any resulting 
damages.]

Supplementary Material

    .10 [Paragraph (a) in Rule 282 above requires that the NOTICE of 
intention be filed with the defaulting member organization in 
triplicate. Copy III should be stamped by the member organization to 
whom it is addressed to acknowledge receipt and then returned to and 
retained by the initiating party for its own records. When the 
defaulting member organization has completed Copy I and Copy II of the 
NOTICE, both copies should be returned to the initiating member 
organization. Copy II should be stamped by the initiating member 
organization to acknowledge receipt and then returned to and retained 
by the defaulting party for its own records.
    A defaulted contract shall not be ``bought-in'' by the initiating 
party when the defaulting member organization indicates on the returned 
form that it has applied for and evidences an Exchange approved 
EXEMPTION.]
    Members and member organizations are obligated to comply with the 
close-out provisions of Regulation SHO, promulgated under the 
Securities Exchange Act of 1934. Specifically, Exchange ``buy-in'' 
rules (i.e., Rules 282, 283, 285, 286, 287, 288, 289, 290, 291, 292, 
293, and 294) do not abrogate a member's or a member organization's 
responsibilities or obligations to comply with Regulation SHO, and the 
close-out provisions of Rule 203(b)(3).

[[Page 56759]]

Rule 284--[Procedure for Closing Defaulted Contract] Reserved

    [A contract in securities other than a contract, the close-out of 
which is governed by the rules of a Qualified Clearing Agency which has 
not been fulfilled according to the terms thereof may be closed 
pursuant to the following procedures.]
    [The ORDER to close-out such contract shall be delivered in 
duplicate to the member organization in default and a NOTICE of 
intention to make such closing. Every such ORDER and every such NOTICE 
shall be in writing, and shall state the name of the member 
organization giving the ORDER, the date of the original contract to be 
closed, the maturity date of such contract, the quantity and contract 
price of the securities covered by said contract, and the name of the 
other party thereto.]
    [With respect to contracts, other than ``cash'' contracts to be 
closed on the day of the contract, such NOTICE shall be delivered to 
the member organization in default prior to forty-five minutes after 
delivery time. Unless the Exchange directs otherwise, such ORDER shall 
be delivered to the member organization in default between 2:15 and 
2:30 p.m. and the contract shall not be closed before 2:35 p.m.]
    [When a contract made for ``cash'' is to be closed on the day of 
the contract, the time of the transaction shall be stated on the NOTICE 
and the ORDER. Such NOTICE shall be delivered to the member 
organization in default prior to the delivery of the ORDER. Such ORDER 
shall be delivered to the member organization in default between 2:30 
and 2:45 p.m. in the case of transactions effected at or before 2:00 
p.m. and within forty-five minutes after the transaction in the case of 
transactions effected after 2:00 p.m. No ``cash'' contract to be closed 
on the day of the contract shall be closed prior to five minutes after 
the delivery time for such contract.]
    [The procedure for execution of buy-in orders and rendering reports 
shall be the same as set forth in Rule 282(f), (g) and (h).]
    [The closing of a contract may be deferred by order of a Floor 
Official whenever in his opinion a fair market in which to close the 
contract is not available, and the Exchange may defer the closing of a 
contract if it determines that the default is due to the existence of a 
general emergency situation, but no such deferment shall relieve the 
party in default of any resulting damages.]

Rule 289--Must Receive Delivery

    When a member or member organization has [given notice of intention 
to close a contract for non-delivery] delivered a buy-in notice 
pursuant to Rule 282, or has re-transmitted notice thereof as provided 
in Rule 285, [he or it] the initiating member organization must receive 
and pay for those securities [due upon such contract] subject to the 
buy-in notice if tendered [at his or its office] prior to the [closing 
of] buy-in of such contract.
    If the person who, pursuant to Rule[s] 282 [or 284], [has in hand 
the order to close] is notified prior to the [closing] buy-in by a 
defaulting member or member organization that some or all of the 
securities (but not less than one trading unit) are in his or its 
physical possession and will be promptly delivered, then the order to 
[close] buy-in shall not be executed with respect to such securities, 
and the initiating member or member organization who has given the 
original order to [close] buy-in shall accept and pay for such 
securities, if tendered promptly.

Damages for Non-Delivery

    If such securities [be] are not promptly tendered, the defaulting 
member or member organization who has stated that they would be 
promptly delivered shall be liable for any resulting damages.

Supplementary Material

    10 [Notices.--Notices by the party giving the order, of 
cancellations or changes in quantity must be given to the member 
organization in default, when given in connection with buy-ins under 
Rule 282 at or before 9:30 a.m. or under Rule 284 at or before 2:30 
p.m. After the aforementioned times such notices must be given to the 
person handling the order on the Floor.
    The member of or representative designated by the member 
organization in default should turn over the ORDER together with the 
cancellation or changes in quantity of such ORDER to the party giving 
the order.
    Notices by the party in default of physical possession of the 
securities and intention to make immediate delivery must be given to 
the initiating member organization, when given in connection with buy-
ins under Rule 282 at or before 9:30 a.m. or under Rule 284 at or 
before 2:30 p.m. After the aforementioned times such notices must be 
given to the person handling the order on the Floor.] Reserved.

Rule 290--Defaulting Party May Deliver After ``Buy-In'' Notice [of 
Intention to Close]

    A defaulting member or member organization (seller) who has 
received a ``buy-in'' notice, pursuant to Rule 282 [of intention to 
close a contract], or re-transmitted notice thereof, may deliver the 
securities [at the office of] to the initiating member or member 
organization (buyer) issuing such notice up to [2:30] 3:00 p.m. ET. [He 
or it] The defaulting member organization may deliver such securities 
after [2:30] 3:00 p.m. ET on the ``effective date'' of the buy-in 
notice if: [notice is given to the Exchange] (i) agreed to by the 
initiating member organization, (ii) before the execution of the order 
[that he or it] and (iii) when the defaulting member organization has 
physical possession of the securities.
* * * * *

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 NYSE 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. The NYSE has prepared summaries, set forth in sections 
(A), (B), and (C) below, of the most significant aspects of these 
statements.\2\
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    \2\ The Commission has modified the text of the summaries 
prepared by the NYSE.
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(A) Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    The NYSE proposes to amend NYSE Rules 282, 284, 289, and 290 to 
permit Member and Member Organizations (collectively referred to as 
``member'') to initiate buy-ins, reduce the waiting period to initiate 
a buy-in from thirty days to three days, and to otherwise provide more 
standardized and consistent industry buy-in rules and procedures.
Current Requirements
    NYSE Rule 282 sets forth the ``mandatory buy-in'' process by which 
member acting as a buyer (``initiating member'') is required to close-
out a contract that has not been completed by the member acting as the 
seller (``defaulting member'') for a period of thirty calendar days. A 
mandatory buy-in requires that a buy-in notice be delivered in 
triplicate by the initiating member (buyer) to the defaulting member 
(seller). The defaulting member receiving the buy-in notice must 
indicate on the buy-in notice its position with respect to the 
resolution

[[Page 56760]]

of the failed trade (e.g., doesn't know the trade, knows the trade but 
cannot deliver, will deliver) and return the buy-in notice to the 
initiating member. If the buy-in notice is not returned when due or is 
returned with the indication that the contract is known but that 
delivery cannot be made, a ``buy-in order'' in duplicate is sent to the 
defaulting member for execution.
    NYSE Rule 284 sets forth a procedure by which an initiating member 
may close-out a contract that has not been completed by the defaulting 
member but that is not required to be closed-out. The initiating member 
must deliver a buy-in notice to the defaulting member prior to forty-
five minutes after delivery time. Then the initiating member (buyer) 
must deliver a buy-in order to the defaulting member between 2:15 and 
2:30 p.m. for execution after 2:35 p.m.
    NYSE Rule 289 requires an initiating member to accept physical 
delivery of some or all of the securities that are the subject of a 
buy-in, thereby halting the mandatory buy-in execution for those 
securities, if the defaulting member tenders the securities prior to 
the mandatory buy-in deadlines. NYSE Rule 290 permits a defaulting 
member to deliver securities subject to a notice of buy-in until 2:30 
p.m. on the day of the execution of the buy-in.
Discussion
    The NYSE buy-in rules apply to transactions that are not subject to 
the rules of a qualified clearing agency such as The Depository Trust 
Company (``DTC'') and the National Securities Clearing Corporation 
(``NSCC''). In the event that a buy-in is sent to the NYSE floor for 
execution, then NYSE buy-in rules apply.
    However, under the current NYSE rules, there are inherent conflicts 
of interest by permitting the defaulting member to execute the buy-in. 
For example, the defaulting member could manipulate the extent to which 
it has market exposure by timing its purchase of the necessary 
securities to benefit itself. The initiating member may receive 
negative customer reaction if the customer learns that its trade has 
not settled and their securities unavailable because a buy-in has not 
been executed by the defaulting member or has not been executed in a 
timely manner.
    Other self-regulatory organizations (``SROs'') have recognized this 
potential conflict and have adopted buy-in rules that assign 
responsibility to the initiating member to execute the buy-in. By 
allowing initiating members to execute their own buy-ins, any potential 
conflict of interest involving the defaulting member is avoided and the 
process is expedited.
    In the course of reviewing the operation of its buy-in rules, the 
NYSE and other regulators met with the Securities Industry 
Association's Securities Operations Division Buy-In Committee 
(``Committee''), which is comprised of regulators, broker-dealers, and 
industry groups, to identify and standardize various buy-in rules and 
procedures regarding the close-out process related to street-side 
contracts. The Committee requested that the NYSE amend the buy-in rules 
to eliminate the ``Notice'' procedures described above and to allow the 
initiating member (buyer) to execute buy-ins to close out a contract.
Proposed Amendments
    The NYSE is proposing five amendments to its buy-in rules. First, 
the NYSE is proposing to amend Rule 282 to allow the initiating member 
to execute a mandatory buy-in and to reduce the waiting period to 
initiate a mandatory buy-in from thirty days to three days after 
delivery on the contract was due. The NYSE believes once the 
responsibility is shifted to the initiating member, the buy-in process 
will work more efficiently.
    Second, the NYSE is proposing to eliminate the requirement for 
duplicate and triplicate paper notices and to permit electronic 
notices, including notices from a computerized network facility or from 
the electronic functionality of a qualified clearing agency, such as 
DTC and NSCC. The proposed amendments would also amend existing time 
deadlines for delivering notices, securities, and executions and 
substitute those used by other self-regulatory organizations (i.e., DTC 
and NSCC).
    Third, the NYSE is proposing to add a section to Rule 282's 
Supplementary Material to ensure that members comply with the closeout 
requirements of Regulation SHO.\3\ Members are obligated to comply with 
the marking, locate, and delivery requirements of Regulation SHO for 
short sales of equity securities. As a result, members should have 
policies and procedures in place to comply with these rules, including 
closeout procedures.
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    \3\ Securities Exchange Act Release No. 50103 (July 28, 2004), 
69 FR 48008 (August 6, 2004), [File No. S7-23-03] (adoption of 
Regulation SHO).
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    Fourth, the NYSE is proposing to rescind Rule 284 and incorporate 
those ``buy-in'' procedures into Rule 282. The NYSE is also proposing 
to amend Rules 289 and 290 to clarify the requirements and timeframes 
upon which a defaulting member may deliver against a ``buy-in'' notice. 
Fifth, the NYSE proposes technical amendments to Rules 282, 289, and 
290 to better coordinate the rules with industry practice.
    The NYSE believes the proposed amendments to its buy-in rules, 
Rules 282, 284, 289 and 290, should aid members in the clearance and 
settlement of transactions. In addition, the proposed amendments should 
help employ industry practice to allow members to clean-up fails and to 
deliver more quickly by instituting buy-ins in NYSE listed securities. 
The NYSE states it is optimistic that members will seize the 
opportunity to better manage their operational and market risks and 
buy-in these positions at the earliest opportunity.
    The statutory basis for the proposed rule change is Section 6(b)(5) 
of the Act.\4\ The proposed amendments to NYSE Rules 282, 284, 289 and 
290 are consistent with the requirements of Section 6(b)(5) which 
requires, among other things, that the rules of an exchange are 
designed to prevent fraudulent and manipulative acts and practices, to 
promote just and equitable principles of trade, to foster cooperation 
and coordination with persons engaged in regulating, clearing, 
settling, processing information with respect to, and facilitating 
transactions in securities, 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.
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    \4\ 15 U.S.C. 78f(b)(5).
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    The NYSE believes that the proposed amendments are consistent with 
its obligations under Section 6(b)(5) of the Act because the NYSE 
thinks that by amending its buy-in rules to permit the initiating 
members to execute a buy-in, members should find it easier to execute 
buy-ins of NYSE-listed securities and therefore buy-in such 
transactions sooner. In addition, the rule amendments should remove 
unnecessary paperwork and amend time deadlines to conform to current 
industry practice.

(B) Self-Regulatory Organization's Statement on Burden on Competition

    The NYSE does not believe that the proposed rule change will impose 
any burden on competition not necessary or appropriate in furtherance 
of the purposes of the Act.

[[Page 56761]]

(C) Self-Regulatory Organization's Statement on Comments on the 
Proposed Rule Change Received From Members, Participants, or Others

    The NYSE 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

    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 rule-comments@sec.gov. Please include 

File Number SR-NYSE-2005-50 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-NYSE-2005-50. 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 the 
NYSE and on the NYSE's Web site, http://www.nyse.com. 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-2005-50 and should be 
submitted on or before October 19, 2005.

    For the Commission by the Division of Market Regulation, 
pursuant to delegated authority.\5\
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    \5\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
 [FR Doc. E5-5244 Filed 9-27-05; 8:45 am]

BILLING CODE 8010-01-P