[Federal Register: March 2, 2004 (Volume 69, Number 41)]
[Notices]
[Page 9882-9886]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr02mr04-95]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-49315; File No. SR-Amex-2004-08]
Self-Regulatory Organizations; Notice of Filing and Order
Granting Accelerated Approval of a Proposed Rule Change by the American
Stock Exchange LLC Relating to Trust Certificates Linked to a Basket of
Investment Grade Fixed Income Securities
February 24, 2004.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(``Act''),\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that
on January 26, 2004, the American Stock Exchange LLC (``Amex'' or
``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``Commission'') the proposed rule change as described in
Items I and II below, which Items have been prepared by the Exchange.
The Commission is publishing this notice to solicit comments on the
proposed rule change from interested persons and is approving the
proposal on an accelerated basis.
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\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
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I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange proposes to approve for listing and trading under
Section 107A of the Amex Company Guide (``Company Guide''), trust
certificates linked to a basket of investment grade fixed income debt
instruments.
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 Amex 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 III below. The Amex has prepared summaries, set forth in Sections
A, B, and C below, of the most significant aspects of such statements.
[[Page 9883]]
A. Self-Regulatory Organization's Statement of the Purpose of, and the
Statutory Basis for, the Proposed Rule Change
1. Purpose
Under Section 107A of the Company Guide, the Exchange may approve
for listing and trading securities which cannot be readily categorized
under the listing criteria for common and preferred stocks, bonds,
debentures, or warrants.\3\ The Amex proposes to list for trading under
Section 107A of the Company Guide, the asset-backed securities (the
``ABS Securities'') representing ownership interests in the Select
Notes Trust 2004-02 (``Trust''), a special purpose trust to be formed
by Structured Obligations Corporation (``SOC''),\4\ and the trustee of
the Trust pursuant to a trust agreement, which will be entered into on
the date that the ABS Securities are issued. The assets of the Trust
will consist primarily of a basket or portfolio of up to approximately
twenty-five (25) investment-grade fixed-income securities (``Underlying
Corporate Bonds'') and United States Department of Treasury STRIPS or
securities issued by the United States Department of the Treasury
(``Treasury Securities'') or government sponsored entity securities
(``GSE securities''). In the aggregate, the component securities of the
basket or portfolio will be referred to as the ``Underlying
Securities.''
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\3\ See Securities Exchange Act Release No. 27753 (March 1,
1990), 55 FR 8626 (March 8, 1990) (order approving File No. SR-Amex-
89-29).
\4\ SOC is a wholly-owned special purpose entity of J.P. Morgan
Securities Holdings Inc. and the registrant under the Form S-3
Registration Statement (No. 333-67188) under which the securities
will be issued.
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The ABS Securities will conform to the initial listing guidelines
under Section 107A \5\ and continued listing guidelines under Sections
1001-1003\6\ of the Company Guide. At the time of issuance, the ABS
Securities will receive an investment grade rating from a nationally
recognized securities rating organization (``NRSRO''). The issuance of
the ABS Securities will be a repackaging of the Underlying Corporate
Bonds together with the addition of either Treasury Securities or GSE
Securities,\7\ with the obligation of the Trust to make distributions
to holders of the ABS Securities depending on the amount of
distributions received by the Trust on the Underlying Securities.
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\5\ The initial listing standards for the ABS Securities
require: (1) A minimum public distribution of one million units; (2)
a minimum of 400 shareholders; (3) a market value of at least $4
million; and (4) a term of at least one year. However, if traded in
thousand dollar denominations, then there is no minimum holder
requirement. In addition, the listing guidelines provide that the
issuer have assets in excess of $100 million, stockholder's equity
of at least $10 million, and pre-tax income of at least $750,000 in
the last fiscal year or in two of the three prior fiscal years. In
the case of an issuer which is unable to satisfy the earning
criteria stated in Section 101 of the Company Guide, the Exchange
pursuant to Section 107A of the Company Guide will require the
issuer to have the following: (1) Assets in excess of $200 million
and stockholders' equity of at least $10 million; or (2) assets in
excess of $100 million and stockholders' equity of at least $20
million.
\6\ The Exchange's continued listing guidelines are set forth in
Sections 1001 through 1003 of Part 10 to the Exchange's Company
Guide. Section 1002(b) of the Company Guide states that the Exchange
will consider removing from listing any security where, in the
opinion of the Exchange, it appears that the extent of public
distribution or aggregate market value has become so reduced to make
further dealings on the Exchange inadvisable. With respect to
continued listing guidelines for distribution of the ABS Securities,
the Exchange will rely on the guidelines for bonds in Section
1003(b)(iv). Section 1003(b)(iv)(A) provides that the Exchange will
normally consider suspending dealings in, or removing from the list,
a security if the aggregate market value or the principal amount of
bonds publicly held is less than $400,000.
\7\ A GSE Security is a security that is issued by a government-
sponsored entity such as Federal National Mortgage Association
(``Fannie Mae''), Federal Home Loan Mortgage Corporation (``Freddie
Mac''), Student Loan Marketing Association (``Sallie Mae''), the
Federal Home Loan Banks and the Federal Farm Credit Banks. All GSE
debt is sponsored but not guaranteed by the federal government,
whereas government agencies such as Government National Mortgage
Association (``Ginnie Mae'') are divisions of the United States
government whose securities are backed by the full faith and credit
of the United States.
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However, due to the pass-through and passive nature of the ABS
Securities, the Exchange intends to rely on the assets and stockholder
equity of the issuers of the Underlying Corporate Bonds as well as GSE
Securities, rather than the Trust to meet the requirement in Section
107A of the Company Guide. The corporate issuers of the Underlying
Corporate Bonds and GSE Securities will meet or exceed the requirements
of Section 107A of the Company Guide. The distribution and principal
amount/aggregate market value requirements found in Section 107A(b) and
(c), respectively, will otherwise be met by the Trust as issuer of the
ABS Securities. In addition, the Exchange for purposes of including
Treasury Securities will rely on the fact that the issuer is the U.S.
Government rather than the asset and stockholder tests found in Section
107A.
The basket of Underlying Securities will not be managed and will
generally remain static over the term of the ABS Securities. Each of
the Underlying Securities provide for the payment of interest on a
semi-annual basis, but the ABS Securities will provide for monthly or
quarterly distributions of interest. Neither the Treasury Securities or
GSE Securities will make periodic payments of interest.\8\ The Exchange
represents that, to alleviate this cash flow timing issue, the Trust
will enter into an interest distribution agreement (``Interest
Distribution Agreement'') as described in the prospectus supplement
related to the ABS Securities (``Prospectus Supplement'').\9\ Principal
distributions on the ABS Securities are expected to be made on dates
that correspond to the maturity dates of the Underlying Securities
(i.e., the Underlying Corporate Bonds and Treasury Securities or GSE
Securities). However, some of the Underlying Securities may have
redemption provisions and in the event of an early redemption or other
liquidation (e.g., upon an event of default) of the Underlying
Securities, the proceeds from such redemption (including any make-whole
premium associated with such redemption) or liquidation will be
distributed pro rata to the holders of the ABS Securities. Each
Underlying Corporate Bond will be issued by a corporate issuer and
purchased in the secondary market.
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\8\ A stripped fixed income security, such as a Treasury
Security or GSE Security, is a security that is separated into its
periodic interest payments and principal repayment. The separate
strips are then sold individually as zero coupon securities
providing investors with a wide choice of alternative maturities.
\9\ Pursuant to the Interest Distribution Agreement, shortfalls
in the amounts available to pay monthly or quarterly interest to
holders of the ABS Securities due to the Underlying Securities
paying interest semi-annually will be made to the Trust by JP Morgan
Chase Bank or one of its affiliates and will be repaid out of future
cash flow received by the Trust from the Underlying Securities.
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In the case of Treasury Securities, the Trust will either purchase
the securities directly from primary dealers or in the secondary market
that consists of primary dealers, non-primary dealers, customers,
financial institutions, non-financial institutions and individuals.
Similarly, in the case of GSE Securities, the Trust will either
purchase the securities directly from the issuer or in the secondary
market.
Holders of the ABS Securities generally will receive interest on
the face value in an amount to be determined at the time of issuance of
the ABS Securities and disclosed to investors. The rate of interest
payments will be based upon prevailing interest rates at the time of
issuance and made to the extent that coupon payments are received from
the Underlying Securities. Distributions of interest will be made
monthly or quarterly. Investors will also be entitled to be repaid the
principal of their ABS Securities from the proceeds of the principal
payments on the
[[Page 9884]]
Underlying Securities.\10\ The payout or return to investors on the ABS
Securities will not be leveraged.
The ABS Securities will mature on the latest maturity date of the
Underlying Securities. Holders of the ABS Securities will have no
direct ability to exercise any of the rights of a holder of an
Underlying Corporate Bond; however, holders of the ABS Securities as a
group will have the right to direct the Trust in its exercise of its
rights as holder of the Underlying Securities.
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\10\ The Underlying Securities may drop out of the basket upon
maturity or upon payment default or acceleration of the maturity
date for any default other than payment default. See Prospectus for
a schedule of the distribution of interest and of the principal upon
maturity of each Underlying Security and for a description of
payment default and acceleration of the maturity date.
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The proposed ABS Securities are virtually identical to a product
currently listed and traded on the Exchange.\11\ The only difference
being the actual Underlying Securities in the basket of investment
grade fixed-income securities. Accordingly, the Exchange also proposes
to provide for the listing and trading of the ABS Securities where the
Underlying Securities meet the Exchange's Bond and Debenture Listing
Standards set forth in Section 104 of the Company Guide. The Exchange
represents that all of the Underlying Securities in the proposed basket
will meet or exceed these listing standards.
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\11\ See Securities Exchange Act Release Nos. 48791 (November
17, 2003), 68 FR 65750 (November 21, 2003) (File No. SR-Amex-2003-
92); 48312 (August 8, 2003), 68 FR 48970 (August 15, 2003) (File No.
SR-Amex-2003-69); 47884 (May 16, 2003), 68 FR 28305 (May 23, 2003)
(File No. SR-Amex-2003-37); 47730 (April 24, 2003), 68 FR 23340 (May
1, 2003) (File No. SR-Amex-2003-25); 46923 (November 27, 2002), 67
FR 72247 (December 4, 2002) (File No. SR-Amex-2002-92); and 46835
(November 14, 2002), 67 FR 70271 (November 21, 2002) (File No. SR-
Amex-2002-70).
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The Exchange's Bond and Debenture Listing Standards in Section 104
of the Company Guide provide for the listing of individual bond or
debenture issuances provided the issue has an aggregate market value or
principal amount of at least $5 million and any of: (1) The issuer of
the debt security has equity securities listed on the Exchange (or on
the New York Stock Exchange (``NYSE'') or on the Nasdaq National Market
(``Nasdaq'')); (2) an issuer of equity securities listed on the
Exchange (NYSE or on the Nasdaq) directly or indirectly owns a majority
interest in, or is under common control with, the issuer of the debt
security; (3) an issuer of equity securities listed on the Exchange (or
on the NYSE or on the Nasdaq) has guaranteed the debt security; (4) an
NRSRO has assigned a current rating to the debt security that is no
lower than an S&P Corporation (``S&P'') ``B'' rating or equivalent
rating by another NRSRO; or (5) or if no NRSRO has assigned a rating to
the issue, an NRSRO has currently assigned (i) an investment grade
rating to an immediately senior issue or (ii) a rating that is no lower
than a S&P ``B'' rating or an equivalent rating by another NRSRO to a
pari passu or junior issue.
In addition to the Exchange's Bond and Debenture Listing Standards,
an Underlying Security must also be of investment grade quality as
rated by an NRSRO and at least 75% of the underlying basket is required
to contain Underlying Securities from issuances of $100 million or
more. The maturity of each Underlying Security is expected to match the
payment of principal of the ABS Securities with the maturity date of
the ABS Securities being the latest maturity date of the Underlying
Securities. Amortization of the ABS Securities will be based on (1) the
respective maturities of the Underlying Securities, including Treasury
Securities or GSE Securities, (2) principal payout amounts reflecting
the pro-rata principal amount of maturing Underlying Securities and (3)
any early redemption or liquidation of the Underlying Securities,
including Treasury Securities or GSE Securities.
Investors will be able to obtain the prices for the Underlying
Securities through Bloomberg L.P. or other market vendors, including
the broker-dealer through whom the investor purchased the ABS
Securities.\12\ In addition, The Bond Market Association (``TBMA'')
provides links to price and other bond information sources on its
investor Web site at http://www.investinginbonds.com. Transaction
prices and volume data for the most actively traded bonds on the
exchanges are also published daily in newspapers and on a variety of
financial Web sites. The National Association of Securities Dealers,
Inc. (``NASD'') Trade Reporting and Compliance Engine (``TRACE'') also
will help investors obtain transaction information for the most active
corporate debt securities, such as investment grade corporate
bonds.\13\ For a fee, investors can have access to intra-day bellwether
quotes.\14\
Price and transaction information for Treasury Securities and GSE
Securities may also be obtained at http://www.publicdebt.treas.gov and
http://www.govpx.com, respectively. Price quotes are also available to
investors via proprietary systems such as Bloomberg L.P., Reuters and
Dow Jones Telerate. Valuation prices \15\ and analytical data may be
obtained through vendors such as Bridge Information Systems, Muller
Data, Capital Management Sciences, Interactive Data Corporation and
Barra.
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\12\ The prices of Underlying Securities generally will be
determined by one or more market makers in accordance with
applicable law and self-regulatory organization rules.
\13\ See Securities Exchange Act Release No. 43873 (January 23,
2001), 66 FR 8131 (January 29, 2001). Investors are able to access
TRACE information at http://www.nasdbondinfo.com/.
\14\ Corporate prices are available at 20-minute intervals from
Capital Management Services at http://www.bondvu.com/.
\15\ ``Valuation Prices'' refer to an estimated price that has
been determined based on an analytical evaluation of a bond in
relation to similar bonds that have traded. Valuation prices are
based on bond characteristics, market performance, changes in the
level of interest rates, market expectations and other factors that
influence a bond's value.
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The ABS Securities will be listed in $1,000 denominations with the
Exchange's existing debt floor trading rules applying to trading.\16\
First, pursuant to Amex Rule 411, the Exchange will impose a duty of
due diligence on its members and member firms to learn the essential
facts relating to every customer prior to trading the ABS
Securities.\17\ Second, the ABS Securities will be subject to the debt
margin rules of the Exchange.\18\ Third, the Exchange will, prior to
trading the ABS Securities, distribute a circular to the membership
providing guidance with regard to member firm compliance
responsibilities (including suitability recommendations) when handling
transactions in the ABS Securities and highlighting the special risks
and characteristics of the ABS Securities. With respect to suitability
recommendations and risks, the Exchange will require members, member
organizations and employees thereof recommending a transaction in the
ABS Securities: (1) To determine that such transaction is suitable for
the customer, and (2) to have a reasonable basis for believing that the
customer can evaluate the special characteristics of, and is able to
bear the financial risks of such transaction.
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\16\ The ABS Securities will trade on Amex's debt trading floor.
Telephone conversation between Jeffrey P. Burns, Associate General
Counsel, Amex, and Florence Harmon, Senior Special Counsel, Division
of Market Regulation, Commission, on February 24, 2004.
\17\ Amex Rule 411 requires that every member, member firm or
member corporation use due diligence to learn the essential facts,
relative to every customer and to every order or account accepted.
\18\ See Amex Rule 462.
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The Exchange represents that its surveillance procedures are
adequate to properly monitor the trading of the ABS Securities.
Specifically, the Amex will rely on its existing surveillance
procedures governing debt, which have
[[Page 9885]]
been deemed adequate under the Act. In addition, the Exchange also has
a general policy, which prohibits the distribution of material, non-
public information by its employees.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with Section 6 of the Act \19\ in general and furthers the objectives
of Section 6(b)(5) \20\ in particular in that it is designed to prevent
fraudulent and manipulative acts and practices, promote just and
equitable principles of trade, remove impediments to and perfect the
mechanisms of a free and open market and a national market system, and,
in general, protect investors and the public interest.
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\19\ 15 U.S.C. 78f(b).
\20\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The Exchange does not believe that the proposed rule change will
impose any burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
The Exchange did not receive any written comments on the proposed
rule change.
III. Solicitation of Comments
Interested persons are invited to submit written data, views and
arguments concerning the foregoing, including whether the proposal is
consistent with the Act. Persons making written submissions should file
six copies thereof with the Secretary, Securities and Exchange
Commission, 450 Fifth Street NW., Washington, DC 20549-0609. Comments
may also be submitted electronically at the following e-mail address:
rule-comments@sec.gov. All comment letters should refer to File No. SR-
Amex-2004-08. The 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, comments should be sent in hardcopy or by e-mail but
not by both methods. 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 Room. Copies of such filing will also be available for
inspection and copying at the principal office of the Exchange. All
submissions should refer to the File No. SR-Amex-2004-08 and should be
submitted by March 23, 2004.
IV. Commission's Findings and Order Granting Accelerated Approval of
Proposed Rule Change
After careful consideration, the Commission finds that the proposed
rule change is consistent with the requirements of the Act and the
rules and regulations thereunder applicable to a national securities
exchange, and, in particular, with the requirements of section 6(b)(5)
of the Act.\21\ The Commission finds that this proposal is similar to
several approved equity-linked instruments currently listed and traded
on the Amex.\22\ Accordingly, the Commission finds that the listing and
trading of the ABS Securities is consistent with the Act and will
promote just and equitable principles of trade, foster cooperation and
coordination with persons engaged in regulating, clearing, settling,
processing information with respect to, and facilitating transactions
in securities, and, in general, protect investors and the public
interest consistent with Section 6(b)(5) of the Act.\23\
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\21\ Id.
\22\ See supra note 11.
\23\ 15 U.S.C. 78f(b)(5). In approving this rule, the Commission
notes that it has considered the proposed rule's impact on
efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
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As described more fully above, the ABS securities are asset-backed
securities and represent a repackaging of the Underlying Corporate
Bonds together with the addition of either Treasury Securities or GSE
Securities, subject to certain distribution of interest obligations of
the Trust. The ABS Securities are not leveraged instruments. The ABS
Securities are debt instruments whose price will still be derived and
based upon the value of the Underlying Securities. The Exchange
represents that the value of the Underlying Securities will be
determined by one or more market makers, in accordance with Exchange
rules. Investors are guaranteed at least the principal amount that they
paid for the Underlying Securities. In addition, each of the Underlying
Corporate Bonds will pay interest on a semi-annual basis while the ABS
securities themselves will pay interest on a monthly or quarterly
basis, pursuant to the Interest Distribution Agreement. Neither the
Treasury Securities or GSE Securities will make periodic payments of
interest.\24\ In addition, the ABS securities will mature on the latest
maturity date of the Underlying Securities.\25\ However, due to the
pass-through nature of the ABS Securities, the level of risk involved
in the purchase or sale of the ABS Securities is similar to the risk
involved in the purchase or sale of traditional common stock.
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\24\ See supra note 8.
\25\ The Commission notes, however, that the Exchange has
represented that the Underlying Securities may drop out of the
basket upon maturity or upon payment default or acceleration of the
maturity date for any default other than payment default. See
Prospectus for a schedule of the distribution of interest and of the
principal upon maturity of each Underlying Security and for a
description of payment default and acceleration of the maturity
date.
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The Commission notes that the Exchange's rules and procedures that
address the special concerns attendant to the trading of hybrid
securities will be applicable to the ABS Securities. In particular, by
imposing the hybrid listing standards, suitability, disclosure, and
compliance requirements noted above, the Commission believes the
Exchange has addressed adequately the potential problems that could
arise from the hybrid nature of the ABS Securities. Moreover, the
Commission notes that the Exchange will distribute a circular to its
membership calling attention to the specific risks associated with the
ABS Securities.
The Commission notes that the ABS Securities are dependent upon the
individual credit of the issuers of the Underlying Securities. To some
extent this credit risk is minimized by the Exchange's listing
standards in Section 107A of the Company Guide which provide that only
issuers satisfying asset and equity requirements may issue securities
such as the ABS Securities. In addition, the Exchange's ``Other
Securities'' listing standards further provide that there is no minimum
holder requirement if the securities are traded in thousand dollar
denominations.\26\ The Commission notes that the Exchange has
represented that the ABS Securities will be listed in $1000
denominations with its existing debt floor trading rules applying to
the trading. In any event, financial information regarding the issuers
of the Underlying Securities will be publicly available.\27\Due to the
pass-through and passive nature of the ABS Securities, the Commission
does not object to the Exchange's reliance on the assets and
[[Page 9886]]
stockholder equity of the Underlying Securities rather than the Trust
to meet the requirement in Section 107A of the Company Guide. The
Commission notes that the distribution and principal amount/aggregate
market value requirements found in Sections 107A(b) and (c),
respectively, will otherwise be met by the Trust as issuer of the ABS
Securities. Thus, the ABS Securities will conform to the initial
listing guidelines under Section 107A and continued listing guidelines
under Sections 1001-1003 of the Company Guide, except for the assets
and stockholder equity characteristics of the Trust. At the time of
issuance, the Commission also notes that the ABS Securities will
receive an investment grade rating from an NRSRO.
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\26\ See Company Guide Section 107A.
\27\ The ABS Securities will be registered under section 12 of
the Act.
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The Commission also believes that the listing and trading of the
ABS Securities should not unduly impact the market for the Underlying
Securities or raise manipulative concerns. As discussed more fully
above, the Exchange represents that, in addition to requiring the
issuers of the Underlying Securities meet the Exchange's Section 107A
listing requirements (in the case of Treasury securities, the Exchange
will rely on the fact that the issuer is the U.S. Government rather
than the asset and stockholder tests found in Section 107A), the
Underlying Securities will also be required to meet or exceed the
Exchange's Bond and Debenture Listing Standards pursuant to Section 104
of the Amex's Company Guide, which among other things, requires that
underlying debt instrument receive at least an investment grade rating
of ``B'' or equivalent from an NRSRO. Furthermore, at least 75% of the
basket is required to contain Underlying Securities from issuances of
$100 million or more. The Amex also represents that the basket of
Underlying Securities will not be managed and will remain static over
the term of the ABS securities. In addition, the Amex's surveillance
procedures will serve to deter as well as detect any potential
manipulation.
The Commission notes that the investors may obtain price
information on the Underlying Securities through market venders such
Bloomberg, L.P., or though Web sites such as http://www.investinginbonds.com (for Underlying Corporate Bonds) and http://
www.publicdebt.treas.gov and http://www.govpx.com (for Treasury
Securities and GSE Securities, respectively).
The Commission finds good cause for approving the proposed rule
change prior to the thirtieth day after the date of publication of
notice thereof in the Federal Register. The Amex has requested
accelerated approval because this product is similar to several other
asset-backed instruments currently listed and traded on the Amex.\28\
The Commission believes that the ABS Securities will provide investors
with an additional investment choice and that accelerated approval of
the proposal will allow investors to begin trading the ABS Securities
promptly. Additionally, the ABS Securities will be listed pursuant to
Amex's existing hybrid security listing standards as described above.
Based on the above, the Commission believes that there is good cause,
consistent with Sections 6(b)(5) and 19(b)(2) of the Act \29\ to
approve the proposal on an accelerated basis.
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\28\ See supra note 11.
\29\ 15 U.S.C. 78f(b)(5) and 78s(b)(2).
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V. Conclusion
It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\30\ that the proposed rule change (SR-Amex-2004-08) is hereby
approved on an accelerated basis.
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\30\ 15 U.S.C. 78o-3(b)(6) and 78s(b)(2).
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\31\
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\31\ 17 CFR 200.30-3(a)(12).
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-4573 Filed 3-1-04; 8:45 am]
BILLING CODE 8010-01-P