Document ID: SEC-2007-0361-0001
Agency: sec
Document Type: Notice
Title: Securities: Intermarket Trading System Plan; amendment  filing and immediate effectiveness
Posted Date: 2007-03-12T04:00Z

[Federal Register: March 12, 2007 (Volume 72, Number 47)]
[Notices]               
[Page 11066-11067]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr12mr07-140]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55397; File No. 4-208]

 
Intermarket Trading System; Notice of Filing and Immediate 
Effectiveness of the Twenty Fourth Amendment to the ITS Plan Relating 
to the Elimination of the ITS Plan

March 5, 2007.
    Pursuant to Section 11A of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 608 thereunder,\2\ notice is hereby given that 
on February 27, 2007, the ITS Participants, through the ITS Operating 
Committee, submitted to the Securities and Exchange Commission 
(``Commission'') a proposed amendment (``Twenty Fourth Amendment'') to 
the restated ITS Plan.\3\ The purpose of the Twenty Fourth Amendment is 
to eliminate the ITS Plan concurrent with the Trading Phase Date.\4\ 
Pursuant to Rule 608(b)(3)(ii) under the Act,\5\ the ITS Participants 
designated the amendment as concerned solely with the administration of 
the Plan. As a result, the Twenty Fourth Amendment has become effective 
upon filing with the Commission. At any time within 60 days of the 
filing of the amendment, the Commission may summarily abrogate the 
amendment and require that such amendment be refiled in accordance with 
paragraph (a)(1) of Rule 608 and reviewed in accordance with paragraph 
(b)(2) of Rule 608, if it appears to the Commission that such action is 
necessary or appropriate in the public interest, for the protection of 
investors, or the maintenance of fair and orderly markets, to remove 
impediments to, and perfect the mechanisms of, a national market system 
or otherwise in furtherance of the purposes of the Act. The Commission 
is publishing this notice to solicit comments from interested persons.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ The ITS Plan is a National Market System (``NMS'') plan, 
which was designed to facilitate intermarket trading in exchange-
listed equity securities based on current quotation information 
emanating from the linked markets. See Securities Exchange Act 
Release No. 19456 (January 27, 1983), 48 FR 4938 (February 3, 1983).
    The ITS Participants currently include the American Stock 
Exchange LLC (``Amex''), the Boston Stock Exchange, Inc. (``BSE''), 
the Chicago Board Options Exchange, Inc. (``CBOE''), the Chicago 
Stock Exchange, Inc. (``CHX''), the Nasdaq Stock Market LLC 
(``Nasdaq''), the National Association of Securities Dealers, Inc. 
(``NASD''), the National Stock Exchange, Inc. (``NSX''), the New 
York Stock Exchange LLC (``NYSE''), NYSE Arca, Inc. (``NYSE Arca''), 
and the Philadelphia Stock Exchange, Inc. (``Phlx'') 
(``Participants'').
    \4\ Trading Phase Date is the required date for full operation 
of Regulation NMS-compliant trading systems of all automated trading 
centers that intend to qualify their quotations for trade-through 
protection under Rule 611. See Securities Exchange Act Release No. 
53829 (May 18, 2006), 71 FR 30038 (May 24, 2006). See also 
Securities Exchange Act Release No. 55160 (January 24, 2007), 72 FR 
4202 (January 30, 2007) (extending the Trading Phase Date until 
March 5, 2007).
    \5\ 17 CFR 242.608(b)(3)(ii).
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I. Description and Purpose of the Proposed Amendment

    The purpose of the proposed amendment is to eliminate the ITS Plan 
concurrent with the Trading Phase Date. The ``Plan for the Purpose of 
Creating and Operating an Intermarket Communications Linkage Pursuant 
to Section 11A(a)(3)(B) of the Securities Exchange Act of 1934'' (``NMS 
Linkage Plan'') \6\ remains in effect until June 30, 2007.\7\
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    \6\ The NMS Linkage Plan participants include Amex, BSE, CBOE, 
CHX, Nasdaq, NSX, NYSE, NYSE Arca, and PHLX. The NASD is not 
participating in the NMS Linkage Plan. The current ITS technology is 
being used to effectuate the NMS Linkage Plan. See Securities 
Exchange Act Release No. 54551 (September 29, 2006), 71 FR 59148 
(October 6, 2006) (approving the NMS Linkage Plan).
    \7\ NMS Linkage Plan participants that wish to extend the term 
could agree to do so, subject to Commission approval. See Section 11 
of the NMS Linkage Plan.
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A. Governing or Constituent Documents

    Not applicable.

B. Implementation of Amendment

    The ITS Participants have manifested their approval of the proposed 
amendment by means of their execution of the Twenty Fourth Amendment. 
The Twenty Fourth Amendment has become effective upon filing.

C. Development and Implementation Phases

    Not applicable.

D. Analysis of Impact on Competition

    The Participants believe that the proposed amendment does not 
impose any burden on competition.

E. Written Understanding or Agreements Relating to Interpretation of, 
or Participation in, Plan

    Not applicable.

F. Approval by Sponsors in Accordance With Plan

    Under section 4(c) of the restated ITS Plan, the requisite approval 
of the amendment is achieved by execution of the amendment on behalf of 
each ITS Participant. The amendment is so executed.

G. Description of Operation of Facility Contemplated by the Proposed 
Amendment

    Not applicable.

H. Terms and Conditions of Access

    Not applicable.

I. Method of Determination and Imposition, and Amount of, Fees and 
Charges

    Not applicable.

J. Method of Frequency of Processor Evaluation

    Not applicable.

[[Page 11067]]

K. Dispute Resolution

    Not applicable.

II. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 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 rule-comments@sec.gov. Please include 

File No. 4-208 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 File No. 4-208. 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. Copies of the Plan 
Amendment also will be available for inspection and copying at the 
principal office of the ITS. 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 No. 4-208 and should be submitted on or before April 2, 2007.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(27).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E7-4326 Filed 3-9-07; 8:45 am]

BILLING CODE 8010-01-P