[Federal Register: March 27, 2008 (Volume 73, Number 60)]
[Notices]
[Page 16394]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr27mr08-86]
[[Page 16394]]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-57545; File No. 4-429]
Joint Industry Plan; Notice of Filing and Immediate Effectiveness
of Amendment to the Plan for the Purpose of Creating and Operating an
Options Intermarket Linkage To Add the Nasdaq Stock Market LLC as a
Participant
March 21, 2008.
Pursuant to Section 11A(a)(3) of the Securities Exchange Act of
1934 (``Act'') \1\ and Rule 608 thereunder,\2\ notice is hereby given
that on January 30, 2008, the Nasdaq Stock Market LLC (``Nasdaq'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') an amendment to the Plan for the Purpose of Creating
and Operating an Options Intermarket Linkage (``Linkage Plan'').\3\ The
amendment proposes to add Nasdaq as a Participant \4\ to the Linkage
Plan. 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. 78k-1(a)(3).
\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 (``Linkage'') proposed by American Stock
Exchange LLC (``Amex''), Chicago Board Options Exchange, Inc.
(``CBOE''), and International Securities Exchange LLC (``ISE''). See
Securities Exchange Act Release No. 43086 (July 28, 2000), 65 FR
48023 (August 4, 2000). Subsequently, Philadelphia Stock Exchange,
Inc. (``Phlx''), Pacific Exchange, Inc. (``PCX'') (n/k/a NYSE Arca),
and Boston Stock Exchange, Inc. (``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).
\4\ The term ``Participant'' is defined as an Eligible Exchange
whose participation has become effective pursuant to Section 4(c) of
the Linkage Plan.
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I. Description and Purpose of the Amendment
The current Participants in the Linkage Plan are Amex, BSE, CBOE,
ISE, NYSE Arca, and Phlx. The proposed amendment to the Linkage Plan
would add Nasdaq as a Participant in the Linkage Plan. Nasdaq has
submitted a signed copy of the Linkage Plan to the Commission in
accordance with the procedures set forth in the Linkage Plan regarding
new Participants. Section 4(c) of the Linkage Plan provides for the
admission of new Participants. Specifically an Eligible Exchange \5\
may become a Participant in the Linkage Plan by: (i) Executing a copy
of the Linkage Plan, as then in effect; (ii) providing each current
Participant with a copy of such executed Linkage Plan; (iii) effecting
an amendment to the Linkage Plan, as specified in Section 5(c)(ii) of
the Linkage Plan; and (iv) paying the applicable new Participant fee.
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\5\ The Linkage Plan defines an ``Eligible Exchange'' as a
national securities exchange registered with the Commission pursuant
to Section 6(a) of the Act, 15 U.S.C. 78f(a), that is (a) a
``Participant Exchange'' in the Options Clearing Corporation
(``OCC'') (as defined in OCC By-laws, Section VII) and (b) a party
to the Options Price Reporting Authority (``OPRA'') Plan (as defined
in the OPRA Plan, Section 1). Nasdaq has represented that it has met
both the requirements for being considered an Eligible Exchange. See
letter from Jeffrey S. Davis, Vice President and Deputy General
Counsel, Nasdaq, to Elizabeth King, Associate Director, Division of
Trading and Markets, Commission, dated March 20, 2008.
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Section 5(c)(ii) of the Linkage Plan puts forth the process by
which an Eligible Exchange may effect an amendment to the Linkage Plan.
Specifically, an Eligible Exchange must: (a) Execute a copy of the
Linkage Plan with the only change being the addition of the new
participant's name in Section 4(a) of the Linkage Plan; (b) submit the
executed Linkage Plan to the Commission; and (c) pay the then current
new participant fee. The Linkage Plan then provides that such an
amendment will be effective at the later of either the amendment being
approved by the Commission or otherwise becoming effective pursuant to
Section 11A of the Act and the payment of the new Participant fee.
II. Effectiveness of the Proposed Linkage Plan Amendment
The foregoing proposed Linkage Plan amendment has become effective
pursuant to Rule 608(c)(3)(iii) \6\ because it involves solely
technical or ministerial matters. At any time within sixty days of the
filing of this amendment, the Commission may summarily abrogate the
amendment and require that it be refiled pursuant to paragraphs (b)(1)
of Rule 608,\7\ 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.
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\6\ 17 CFR 242.608(b)(3)(iii).
\7\ 17 CFR 242.608(b)(1).
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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 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 Number 4-429 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 4-429. 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 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, 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 office of Nasdaq. 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 4-429 and should be submitted on or before
April 17, 2008.
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\8\ 17 CFR 200.30-3(a)(29).
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\8\
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E8-6254 Filed 3-26-08; 8:45 am]
BILLING CODE 8011-01-P