Document ID: SEC-2007-1432-0001
Agency: sec
Document Type: Notice
Title: Joint Industry Plan: American Stock Exchange LLC et al.
Posted Date: 2007-10-12T04:00Z

[Federal Register: October 12, 2007 (Volume 72, Number 197)]
[Notices]               
[Page 58134-58135]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12oc07-103]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56605; File No. 4-429]

 
Joint Industry Plan; Notice of Filing of Joint Amendment No. 23 
to the Intermarket Option Linkage Plan To Permit the Use of Linkage 
Prior to the Opening of Trading

October 3, 2007.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 (the 
``Act'') \1\ and Rule 608 of Regulation NMS thereunder,\2\ notice is 
hereby given that on September 14, 2007, September 19, 2007, August 29, 
2007, August 30, 2007, August 29, 2007, and September 26, 2007, 
American Stock Exchange, LLC (``Amex''), Boston Stock Exchange, Inc. 
(``BSE''), Chicago Board Options Exchange, Incorporated (``CBOE''), 
International Securities Exchange, Inc. (``ISE''), NYSE Arca, Inc. 
(``NYSE Arca''), and Philadelphia Stock Exchange, Inc. (``Phlx'') 
(collectively, ``Participants'') respectively submitted to the 
Securities and Exchange Commission (``Commission'') Joint Amendment No. 
23 (``Joint Amendment'') to the Plan for the Purpose of Creating and 
Operating an Intermarket Option Linkage (the ``Linkage Plan'').\3\ The 
Joint Amendment proposes to modify Section 7(a)(i) of the Linkage Plan 
to permit trading on Linkage prior to the opening of trading. The 
Commission is publishing this notice to solicit comments from 
interested persons on the proposed Joint Amendment to the Linkage Plan.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ On July 28, 2000, the Commission approved a national market 
system plan for the purpose of creating and operating an intermarket 
options market linkage proposed by the Amex, CBOE, and ISE. See 
Securities Exchange Act Release No. 43086 (July 28, 2000), 65 FR 
48023 (August 4, 2000). Subsequently, Phlx, Pacific Exchange, Inc. 
(n/k/a NYSE Arca, Inc.), and BSE joined the Linkage Plan. See 
Securities Exchange Act Release Nos. 43573 (November 16, 2000), 65 
FR 70851 (November 28, 2000); 43574 (November 16, 2000), 65 FR 70850 
(November 28, 2000); and 49198 (February 5, 2004), 69 FR 7029 
(February 12, 2004).
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I. Description of the Proposed Amendment

    The purpose of the Joint Amendment is to amend Section 7(a)(i) of 
the

[[Page 58135]]

Linkage Plan to permit the use of Linkage prior to the opening of 
trading. The Linkage Plan currently does not permit use of Linkage 
before an exchange opens for trading and disseminates a quotation in an 
option series. In addition, there is no trade-through protection for 
opening trades. As a result, if there is a better market away at the 
time a Participant opens its market, market makers on that Participant 
cannot access that market for a customer, and the customer could 
receive a price inferior to the national best bid and offer. The Joint 
Amendment would allow the sending of Linkage P/A Orders \4\ prior to 
the opening, allowing market makers to access better markets on behalf 
of customers prior to an exchange's opening.
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    \4\ See Section 2(16)(a) of the Linkage Plan.
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II. Implementation of the Plan Amendment

    The proposed Joint Amendment to the Linkage Plan will be effective 
upon approval by the Commission pursuant to Rule 608 of Regulation NMS 
under the Act.

III. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 
Joint Amendment to the Linkage Plan 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 4-429 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, Station Place, 100 F 
Street, NE., Washington, DC 20549-1090.
    All submissions should refer to Joint Amendment No. 23 to File 
Number 4-429. 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 Joint 
Amendment that are filed with the Commission, and all written 
communications relating to the proposed Joint 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, on official 
business days between the hours of 10 a.m. and 3 p.m. Copies of such 
filing also will be available for inspection and copying at the 
principal offices of the Amex, BSE, CBOE, ISE, NYSE Arca, and Phlx. 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 Joint Amendment No. 23 to File Number 4-429 
and should be submitted on or before November 2, 2007.

    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)(29).
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Nancy M. Morris,
Secretary.
 [FR Doc. E7-20117 Filed 10-11-07; 8:45 am]

BILLING CODE 8011-01-P