[Federal Register: May 8, 2003 (Volume 68, Number 89)]
[Notices]
[Page 24776]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08my03-100]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-47774; File No. SR-Amex-2003-32]
Self-Regulatory Organizations; Notice of Filing and Immediate
Effectiveness of Proposed Rule Change by the American Stock Exchange
LLC To Increase the Maximum Size of Equity Orders That May Be Sent
Through the Exchange's Order Entry System
April 30, 2003.
Pursuant to section 19(b)(1) of the Securities Exchange Act of 1934
(``Act'' or ``Exchange Act''),\1\ and Rule 19b-4 thereunder,\2\ notice
is hereby given that on April 23, 2003, 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, II, and III 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.
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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 increase the maximum size of equity orders
that may be sent through the Exchange's order entry system.
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 Exchange 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 IV below. The Exchange has prepared summaries, set forth in
sections A, B, and C below, of the most significant aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
Currently, the maximum size of equity orders that may be sent
through the Exchange's order entry system is 30,099 shares, and the
maximum size of Exchange Traded Fund and Trust Issued Receipts orders
is 99,999 shares and 99,900 shares, respectively. The Exchange now
proposes to increase the maximum size of equity orders that may be sent
through its order entry system to 99,900 shares. The Exchange believes
that the proposed increase in the size of system eligible equity orders
will benefit investors by giving them an additional method for sending
orders to the Amex.
2. Statutory Basis
The increase in the maximum size of equity orders that may be sent
through the Exchange's order entry system is consistent with section
6(b) \3\ of the Act in general and furthers the objectives of section
6(b)(5) \4\ in particular in that it is designed to prevent fraudulent
and manipulative acts and practices, to promote just and equitable
principles of trade, to remove impediments to and perfect the mechanism
of a free and open market and a national market system, and, in
general, to protect investors and the public interest; and is not
designed to permit unfair discrimination between customers, issuers,
brokers and dealers.
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\3\ 15 U.S.C. 78f.
\4\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition
The increase in the maximum size of equity orders that may use the
Exchange's order entry system will impose no burden on competition not
necessary or appropriate in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants or Others
No written comments were solicited or received with respect to the
proposed increase in the maximum size of equity orders that may use the
Exchange's order entry system.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
The foregoing rule change has become effective pursuant to section
19(b)(3)(A) of the Act \5\ and subparagraph (f)(5) of Rule 19b-4 \6\
thereunder because it effects a change in an existing order entry or
trading system that (i) does not significantly affect the protection of
investors or the public interest; (ii) does not impose any significant
burden on competition; and (iii) does not have the effect of limiting
access to or availability of the system. At any time within 60 days of
the filing of such proposed rule change, the Commission may summarily
abrogate such rule change if it appears to the Commission that such
action is necessary or appropriate in the public interest, for the
protection of investors, or otherwise in furtherance of the purposes of
the Act.
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\5\ 15 U.S.C. 78s(b)(3)(A).
\6\ 17 CFR 240.19b-4(f)(5).
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IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
arguments concerning the foregoing, including whether the proposed rule
change 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.
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 at 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 File No. SR-Amex-2003-32 and
should be submitted by May 29, 2003.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\7\
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\7\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-11413 Filed 5-7-03; 8:45 am]
BILLING CODE 8010-01-P