Document ID: SEC-2006-1270-0001
Agency: sec
Document Type: Notice
Title: Joint industry plan: American Stock Exchange  LLC et al
Posted Date: 2006-10-02T04:00Z

[Federal Register: October 2, 2006 (Volume 71, Number 190)]
[Notices]               
[Page 58018-58019]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr02oc06-129]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-54510, File No. 4-518]

 
Joint Industry Plan; Notice of Filing and Order Granting 
Temporary Effectiveness of Amendment To Plan Establishing Procedures 
Under Rule 605 of Regulation NMS

September 26, 2006.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 608 of Regulation NMS,\2\ notice is hereby 
given that on September 14, 2006, the International Securities 
Exchange, LLC (``ISE'') submitted to the Securities and Exchange 
Commission (``SEC'' or ``Commission'') an amendment to the national 
market system plan that establishes procedures under Rule 605 of 
Regulation NMS (``Joint-SRO Plan'' or ``Plan'').\3\ The amendment 
proposes to add ISE as a participant to the Joint-SRO Plan. The 
Commission is publishing this notice and order to solicit comments from 
interested persons on the proposed Joint-SRO Plan amendment, and to 
grant temporary effectiveness to the proposed amendment through January 
30, 2007.
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    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ 17 CFR 242.605. On April 12, 2001, the Commission approved a 
national market system plan for the purpose of establishing 
procedures for market centers to follow in making their monthly 
reports available to the public under Rule 11Ac1-5 under the Act (n/
k/a Rule 605 of Regulation NMS). See Securities Exchange Act Release 
No. 44177 (April 12, 2001), 66 FR 19814 (April 17, 2001).
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I. Description and Purpose of the Amendment

    The current participants to the Joint-SRO Plan are the American 
Stock Exchange LLC, Boston Stock Exchange, Inc., Chicago Board Options 
Exchange, Incorporated, Chicago Stock Exchange, Inc., Cincinnati Stock 
Exchange, Inc. (n/k/a National Stock Exchange SM), The 
NASDAQ Stock Market LLC, National Association of Securities Dealers, 
Inc., New York Stock Exchange, Inc. (n/k/a New York Stock Exchange 
LLC), Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.), and Philadelphia 
Stock Exchange, Inc. The proposed amendment would add ISE as a 
participant to the Joint-SRO Plan.
    ISE has submitted a signed copy of the Joint-SRO Plan to the 
Commission in accordance with the procedures set forth in the Plan 
regarding new participants. Section III(b) of the Joint-SRO Plan 
provides that a national securities exchange or national securities 
association may become a

[[Page 58019]]

party to the Plan by: (i) Executing a copy of the Plan, as then in 
effect (with the only changes being the addition of the new 
participant's name in Section 11(a) of the Plan and the new 
participant's single-digit code in Section VI(a)(1) of the Plan) and 
(ii) submitting such executed plan to the Commission for approval.

II. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 
Joint-SRO 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/nms.shtml.
); or     Send an e-mail to rule-comments@sec.gov. Please include 

File Number 4-518 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-1090.

All submissions should refer to File Number 4-518. 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/nms.shtml
). Copies of the submission, all subsequent amendments, all 

written statements with respect to the proposed Joint-SRO Plan 
amendment that are filed with the Commission, and all written 
communications relating to the proposed Joint-SRO 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 filing also will be available for 
inspection and copying at the principal office of ISE. 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 4-518 and should be submitted 
on or before November 1, 2006.

III. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Plan Amendment

    The Commission finds that the proposed Joint-SRO Plan amendment is 
consistent with the requirements of the Act and the rules and 
regulations thereunder.\4\ Specifically, the Commission believes that 
the proposed amendment, which permits ISE to become a participant to 
the Joint-SRO Plan, is consistent with the requirements of Section 11A 
of the Act, and Rule 608 of Regulation NMS. The Plan establishes 
appropriate procedures for market centers to follow in making their 
monthly reports required pursuant to Rule 605 of Regulation NMS, 
available to the public in a uniform, readily accessible, and usable 
electronic format. The proposed amendment to include ISE as a 
participant in the Joint-SRO Plan will contribute to the maintenance of 
fair and orderly markets and remove impediments to and perfect the 
mechanisms of a national market system by facilitating the uniform 
public disclosure of order execution information by all market centers.
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    \4\ In approving this proposed Joint-SRO Plan amendment, the 
Commission has considered the proposal's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
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    The Commission finds good cause to grant temporary effectiveness to 
the proposed Joint-SRO Plan amendment, for 120 days, until January 30, 
2007. The Commission believes that it is necessary and appropriate in 
the public interest, for the maintenance of fair and orderly markets, 
to remove impediments to, and perfect mechanisms of, a national market 
system to allow ISE to become a participant in the Joint-SRO Plan. On 
September 1, 2006, the Commission approved a proposed rule change by 
the ISE to establish ISE Stock Exchange, LLC (``ISE Stock Exchange'') 
as an equities trading facility of ISE.\5\ As a Plan participant, ISE 
would have timely information on the Plan procedures as they are 
formulated and modified by the participants. The Commission finds, 
therefore, that granting temporary effectiveness of the proposed Joint-
SRO Plan amendment is appropriate and consistent with Section 11A of 
the Act.\6\
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    \5\ See Securities Exchange Act Release No. 54399 (September 1, 
2006), 71 FR 53728 (September 12, 2006). The ISE Stock Exchange 
consists of a new electronic trading system developed to trade 
equities and will provide for the electronic execution and display 
of orders as well as a midpoint matching system. The Commission has 
published for comment a proposed rule change by ISE to adopt rules 
and amend existing ISE rules to govern the ISE Stock Exchange. See 
Securities Exchange Act Release No. 54287 (August 8, 2006), 71 FR 
46947 (August 15, 1006).
    \6\ 15 U.S.C. 78k-1.
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IV. Conclusion

    It is therefore ordered, pursuant to Section 11A of the Act \7\ and 
Rule 608 of Regulation NMS,\8\ that the proposed Joint-SRO Plan 
amendment is approved for 120 days, through January 30, 2007.
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    \7\ 15 U.S.C. 78k-1.
    \8\ 17 CFR 242.608.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(29).
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Nancy M. Morris,
Secretary.
 [FR Doc. E6-16170 Filed 9-29-06; 8:45 am]

BILLING CODE 8010-01-P