Document ID: SEC-2005-0287-0001
Agency: sec
Document Type: Notice
Title: Self-regulatory organizations; proposed rule changes: Pacific Exchange, Inc.
Posted Date: 2005-11-29T05:00Z

[Federal Register: November 29, 2005 (Volume 70, Number 228)]
[Notices]               
[Page 71591-71592]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr29no05-116]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52814; File No. SR-PCX-2005-85]

 
Self-Regulatory Organizations; Pacific Exchange, Inc.; Order 
Approving Proposed Rule Change and Amendment Nos. 2 and 3 Thereto 
Relating to Exposure of Orders in the PCX Plus Crossing Mechanism

November 21, 2005.
    On July 19, 2005, the Pacific Exchange, Inc. (``PCX'' or 
``Exchange''), filed with the Securities and Exchange Commission 
(``Commission'') a proposed rule change pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ to reduce the exposure period in the Crossing Mechanism 
of the PCX Plus System from 30 seconds to 10 seconds. The PCX filed 
Amendment No. 1 to the proposed rule change on September 20, 2005 and 
subsequently withdrew Amendment No. 1. The PCX filed Amendment Nos. 2 
and 3 to the proposed rule change on September 23, 2005 and September 
27, 2005, respectively. The proposed rule change, as amended, was 
published for comment in the Federal Register on October 7, 2005.\3\ 
The Commission received no comments on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 52542 (September 30, 
2005), 70 FR 58773.
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    After careful consideration, the Commission finds that the proposed 
rule change is consistent with the requirements of Section 6(b) of the 
Act \4\ and the rules and regulations thereunder applicable to a 
national securities exchange,\5\ and in particular with Section 6(b)(5) 
of the Act.\6\ The Commission believes that, in the electronic 
environment of PCX Plus, reducing the exposure period to 10 seconds 
could facilitate the prompt execution of orders, while providing 
participants in the PCX Plus System

[[Page 71592]]

with an adequate opportunity to compete for those orders.
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    \4\ 15 U.S.C. 78f(b).
    \5\ In approving this proposal, the Commission has considered 
the proposed rule's impact on efficiency, competition, and capital 
formation. See 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f(b)(5).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-PCX-2005-85), as amended, is 
approved.
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    \7\ 15 U.S.C. 78s(b)(2).
    \8\ 17 CFR 200.30-3(a)(12).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
Jonathan G. Katz,
Secretary.
[FR Doc. E5-6622 Filed 11-28-05; 8:45 am]

BILLING CODE 8010-01-P