[Federal Register: July 29, 2004 (Volume 69, Number 145)]
[Notices]
[Page 45360-45364]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr29jy04-94]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-50064; File No. SR-PCX-2003-64]
Self-Regulatory Organizations; Notice of Filing of Proposed Rule
Change and Amendment Nos. 1 and 2 Thereto by the Pacific Exchange, Inc.
Relating to Facilitation Crosses
July 22, 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 November 20, 2003, the Pacific Exchange, Inc. (``PCX'' or
``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change as described in items I, II
and III below, which items have been prepared by the Exchange. On July
7, 2004, and July 15, 2004, respectively, the Exchange filed Amendment
Nos. 1 and 2 to the proposed rule change.\3\ The Commission is
publishing this notice to solicit comments on the proposed rule change,
as amended, from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ See letters from Mai S. Shiver, Acting Director/Senior
Counsel, PCX, to Nancy J. Sanow, Assistant Director, Division of
Market Regulation (``Division''), Commission, dated July 6, 2004,
and July 14, 2004. The changes made by Amendment Nos. 1 and 2 have
been incorporated in this notice.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
PCX is proposing to modify its facilitation crossing procedures in
several respects in order to ensure that the customer side of a
facilitation order will be executed if it is priced at or between
quoted markets. Among other things, the proposal would also increase to
40% the guaranteed percentage of the customer order that a Floor Broker
is entitled to cross at the quoted market. The text of the proposed
rule change is set forth below. Proposed new language is italicized and
proposed deletions are in brackets.
Rules of the Board of Governors of the Pacific Exchange, Inc.
Rule 6
Options Trading
``Crossing'' Orders and Stock/Option Orders
Rule 6.47 (a)-No change.
(b) Facilitation Procedure. [Crossing of Facilitation Orders.] The
Facilitation Procedure is a process by which a [A] Floor Broker who
holds an order for a [public] customer [or a broker-dealer]
(``[c]Customer [o]Order'') and an order for the proprietary account of
an OTP Holder or OTP Firm or an organization under common control with
a Lead Market Maker ``LMM'' that is representing that customer (the
``[f]Facilitation [o]Order'') may cross those orders [only if the
following procedures and requirements are followed]. The Floor Broker
may do so by following the Facilitation Procedure outlined in this
subsection (b) of this Rule. The Floor Broker must be willing to
facilitate the entire size of the Customer Order entered via the
Facilitation Procedure.
(1) The size of the [c]Customer [o]Order subject to facilitation
must be at least fifty contracts. Orders for less than fifty contracts
may be facilitated pursuant to this rule but are not subject to the
firm guarantees of subsections (4) through (6) of this Rule [below
pertaining to firm guarantees] and therefore must satisfy all orders in
the book and orders represented in the trading crowd (affording the
trading crowd a reasonable period of time to respond) before the floor
broker may cross the order.
(2) The option order tickets for both the [f]Facilitation [o]Order
and the [c]Customer [o]Order must display all of the terms of such
orders, including any contingencies involving, and all related
transactions in, either options or underlying or related securities.
The Floor Broker must disclose all securities that are components of
the [c]Customer [o]Order.
(3) The Floor Broker must request bids and offers for all
components of the [c]Customer [o]Order, including the size of the
order, but does not have to specifically request a ``facilitation
market.'' Once the trading crowd has been afforded a reasonable time to
provide a quote, the quote will remain in effect only for such time as
is necessary for the Floor Broker to immediately vocalize the Customer
Order. [and clearly disclose his intention to execute a facilitation
cross transaction to the trading crowd. Once the trading crowd has
provided a quote,
[[Page 45361]]
it will remain in effect until: (A) a reasonable amount of time has
passed, or (B) there is a significant change in the price of the
underlying security, or (C) the facilitation market has been improved.
(The term ``significant change'' will be interpreted on a case-by-case
basis by two Trading Officials or the Exchange based upon the extent of
recent trading in the option and in the underlying security, and any
other relevant factors.)]
(4) In response to the trading crowd's quoted market, the Floor
Broker may immediately consummate the facilitation cross if: (i) he or
she immediately bids (offers) a price on the Customer Order that is on
or inside the quoted market (``Facilitation Price'') provided by the
trading crowd in response to the Floor Broker's request for a market
and (ii) satisfies all other contingencies associated with the Customer
Order. After satisfying any orders for the account of persons who are
not OTP Holders or OTP Firms of the Exchange pending at the
Facilitation Price, the Floor Broker may facilitate up to forty percent
(40%) of the remaining Customer Order against the Facilitation Order at
the Facilitation Price and must allow any other members of the trading
crowd interested in trading at the facilitation price to execute the
remaining sixty percent (60%) or more of the Customer Order. The
allocation of the remaining Customer Order will be made on a (i) size
pro-rata basis (the percentage of the orders that is the ratio of the
size of the offers (bids) to the total size of the offers (bids) as
described in 6.75(f)(6)); or (ii) equal basis (in the case of identical
offers (bids) as described in PCX Rule 6.75(c)) where the floor
broker's bid (offer) improved the crowd's price in response to the
request for a market. If after providing the crowd reasonable time to
execute the remaining 60% of the Customer Order any amount of the
Customer Order remains, the Floor Broker must fill the remainder of the
Customer Order by executing it against the Facilitation Order at the
Facilitation Price. [Once a market has been established and all public
customer orders represented in the trading crowd have been satisfied,
the Floor Broker may cross:
(A) forty percent (40%) of any remaining contracts at a price
between the trading crowd's quoted market (e.g., if the trading crowd's
quoted market is 2.10-2.50, and the Floor Broker is representing a
customer order to buy 1000 contracts, then the Floor Broker may cross
40% of 1000 at any 2.25 or any other improved price); or
(B) twenty-five percent (25%) of the contracts at the trading
crowd's best bid or offer (e.g., if the trading crowd's quoted market
is 2.10--2.50, and the Floor Broker is representing a customer order to
buy 1000 contracts, then the Floor Broker may cross 25% of 1000 at the
trading crowd's offer).]
(5) If the trading crowd does not provide a bid and offer for all
components of the Customer Order in response to the Floor Broker's
request within a reasonable period of time, for the purposes of this
rule, either: (i) the quoted market disseminated by the Exchange prior
to the commencement of the Facilitation Procedure will constitute the
market quoted by the trading crowd in response to the Floor Broker's
request; or (ii) for orders for which there is no disseminated market
(such as complex orders), the market for the order will be determined
by the disseminated quote for each leg of the transaction prior to the
commencement of the Facilitation Procedure. Once the Floor Broker
provides a Facilitation Price and can satisfy all of the contingencies
associated with the Customer Order, the Customer Order is deemed
consummated at the Facilitation Price. After satisfying the orders of
any persons who are not OTP Holders or OTP Firms of the Exchange
pending at the Facilitation Price, the Floor Broker may facilitate up
to forty percent (40%) of the remaining Customer Order against the
Facilitation Order at the Facilitation Price and must allow any other
member of the trading crowd interested in trading at the facilitation
price to execute the remaining sixty percent (60%) or more of the
Customer Order. After providing the crowd reasonable time to execute
the remaining 60% of the Customer Order, the Floor Broker must fill the
remainder of the Customer Order by executing it against the
Facilitation Order at the Facilitation Price. [If the facilitation
trade occurs at the LMM's quoted bid or offer in their allocated issue,
then the LMM's guaranteed participation level shall apply only to the
number of contracts remaining after all public customer orders and the
firm facilitation order being represented by the Floor Broker have been
satisfied pursuant to this rule. However, the total amount of
participation that any firm and/or LMM may receive, as a guarantee, may
not exceed, in the aggregate, forty percent (40%) of the customer
order. If the trade occurs at a price other than the LMM's quoted bid
or offer, the LMM is entitled to no guaranteed participation.]
(6) If the facilitation trade occurs at the LMM's quoted bid or
offer in their allocated issue and the Floor Broker takes less than
forty percent (40%) of the trade, then the LMM may elect to accept
either: (i) a guaranteed participation level of forty percent (40%)
minus the Floor Broker's allocation percentage, or (ii) to participate
in the pro-rata allocation on a non-guarantee participation level. If
the trade occurs at a price other than the LMM's quoted bid or offer,
the LMM is entitled to no ``guaranteed'' participation. Nothing in this
rule is intended to prohibit a Floor Broker or LMM from trading more
than their percentage entitlements if the other members of the trading
crowd do not choose to trade the remaining portion of the order. [The
OTP Holders or OTP Firms of the trading crowd who established the
facilitation market will have priority over all other non-public
customer orders that were not represented in the trading crowd at the
time that the facilitation market was established and will maintain
priority over non-customer orders except for orders that improve the
bid or offer. A Floor Broker who is holding a customer order and a
facilitation order and who calls for a facilitation market will be
deemed to be representing both the customer order and the facilitation
order, so that the customer order and the facilitation order will also
have priority over all other non-public customer orders that were not
being represented in the trading crowd at the time that the
facilitation market was established.]
(c)--No change.
(d)--Trading Crowd Opportunity to Respond. Except as provided in
subparagraph (b) of this rule relating to the Facilitation Procedure
for Customer Orders of at least 50 contracts, Floor Brokers are
cautioned that they must allow OTP Holder or OTP Firm represented in
the trading crowd a reasonable period in which to respond to the bid
and/or offer prior to consummating the cross transaction. A reasonable
period will not be defined in terms of specific time limit. However, an
obvious attempt to execute a cross in an uninterrupted sequence with
the announcement of the bid and offer is deemed to be a violation of
Rule 6.47 and Rule 6.73, and grounds for objection to the cross
transaction.
(e)-(f)--No change.
Commentary:
.01 The term ``[public] customer of an OTP Holder or OTP Firm''
shall mean, in connection with Rule 6.62(i) and 6.47, a customer that
is neither an OTP Holder or OTP Firm nor a broker/dealer.
.02 When accepting a bid or offer made on behalf of a [public]
customer,
[[Page 45362]]
all contingencies of the [public] [c]Customer [o]Order must be
satisfied by the accepting OTP Holder or OTP Firm.
.03--No change.
.04 Where a related transaction must be effected in another market,
that transaction must be effected prior to [effecting] the options
transaction.
.05--No change.
.06 [The Exchange has determined that deliberate misrepresentation
of an order will subject an OTP Holder or OTP Firm to disciplinary
action.] It will be a violation of a Floor Broker's duty to use due
diligence in representing its Customer Order if a Floor Broker does not
employ the Facilitation Procedure on the PCX immediately upon receipt
on the PCX of the order that the OTP Holder or OTP Firm wishes to have
executed as a facilitation cross.
.07 It will be a violation of an OTP Holder or OTP Firm's duty of
best execution to its customer if it were to cancel a Facilitation
Order to avoid execution of the order at a better price. The
availability of the Facilitation Procedure does not alter an OTP Holder
or OTP Firm's best execution duty to get the best price for its
customer. Accordingly, while facilitation orders can be cancelled prior
to a trading crowd providing quotes in response to a request for a
market, if an OTP Holder or OTP Firm were to cancel a Facilitation
Order when there was a superior price available on the Exchange and
subsequently re-enter the Facilitation Order at the same Facilitation
Price after the better price was no longer available without attempting
to obtain that better price for its customer, there would be a
presumption that the OTP Holder or OTP Firm did so to avoid execution
of its Customer Order in whole or in part by other brokers at the
better price.
* * * * *
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. PCX 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
The facilitation crossing procedure as provided in PCX Rule 6.47(b)
allows a Floor Broker who holds an order for a customer and an order
for the proprietary account of an OTP (Options Trading Permit) Holder
or OTP Firm representing that customer to cross those orders. The
Exchange seeks to amend its facilitation crossing rules in order to
ensure that the customer side of a facilitation cross will be executed
in a facilitation cross if it is priced at or between markets quoted in
response to a request for a market. Among other things, the proposal
would also increase to 40% the guaranteed percentage of the customer
order that a Floor Broker is entitled to cross at the quoted market.
The Exchange represents that the proposed amendment to its facilitation
crossing rules makes the Exchange's crossing rules more competitive and
generally consistent with the crossing rules of other options
exchanges.\4\ Accordingly, the Exchange proposes to make the following
changes to its rule:
---------------------------------------------------------------------------
\4\ See, e.g., International Stock Exchange Rule 716.
---------------------------------------------------------------------------
Size of the Customer Order and Applicability
The current rule specifies that the size of the customer order
subject to facilitation generally must be at least fifty contracts. The
proposed rule change clarifies the rule's provision for orders for
fewer than fifty contracts to state that such orders may be facilitated
pursuant to the rule, but are not subject to the firm guarantees of the
facilitation crossing rule and therefore must satisfy all orders in the
book and orders represented in the trading crowd (affording the trading
crowd a reasonable period of time to respond) before the Floor Broker
may cross the order. The Exchange also seeks to expand the newly
amended rule (``Facilitation Procedure'') to an organization under
common control with a Lead Market Maker (``LMM'') that is representing
the customer order. The proposed rule change would also amend the rule
so that the Facilitation Procedure applies only to a cross of a
proprietary order of an OTP Holder, OTP Firm, or organization under
common control with an LMM with an order of a customer (``Customer
Order''), meaning a customer that is not an OTP Holder, an OTP Firm or
a broker-dealer.\5\
---------------------------------------------------------------------------
\5\ Telephone conversation between Mai S. Shiver, Director/
Senior Counsel, PCX, and Ira L. Brandriss, Assistant Director, et
al., Division, Commission, July 22, 2004.
---------------------------------------------------------------------------
Vocalization Requirements
Currently, PCX Rule 6.47(b)(3) requires a Floor Broker to clearly
disclose all components of a Customer Order and his or her intention to
execute a facilitation cross transaction in the trading crowd. Once the
crowd provides a quote, the quote remains in effect until (i) a
reasonable amount of time has passed, (ii) there is a significant
change in price of the underlying security, or (iii) the facilitation
market has been improved. The Exchange seeks to amend the rule to
eliminate the requirement that the Floor Broker specifically request a
``facilitation market'' and add the requirement that in calling for a
market, the Floor Broker would have to reveal the size of the
transaction in addition to the components of the order. The Exchange
believes that the disclosure of the size of the transaction, including
any components, will provide the crowd more information relevant to the
decision-making process and enable the crowd to respond more
expeditiously than disclosure of the fact that the Floor Broker is
calling for a facilitation market.\6\
---------------------------------------------------------------------------
\6\ According to the PCX, in eliminating the requirement that
the Floor Broker specifically request a facilitation market, the
proposed Facilitation Procedure reflects the Exchange's facilitation
crossing rules that existed before the Exchange amended its current
rules in May 2000. Telephone conversation between Mai S. Shiver,
Director/Senior Counsel, PCX, and Ira L. Brandriss, Assistant
Director, et al., Division, Commission, July 14, 2004. See also
Securities Exchange Act Release No. 42848 (May 26, 2000), 65 FR
36206 (June 7, 2000) (PCX 99-18).
---------------------------------------------------------------------------
Facilitation Procedure and Allocation
PCX Rule 6.47(b)(4) provides the participation percentages to which
a Floor Broker representing a facilitation cross is entitled. The rule
currently provides that once a market has been established and all
public customer orders represented in the trading crowd have been
satisfied, the Floor Broker may cross either (i) 40% of any remaining
contracts at a price between the trading crowd's quoted market, or (ii)
25% of the contracts at the trading crowd's best bid or offer.
The Exchange seeks to modify this rule in two respects: (i) to
clearly delineate a Facilitation Procedure and (ii) to modify the
guaranteed participation levels of the Floor Broker providing the
facilitation order. The Exchange proposes that in response to
[[Page 45363]]
the trading crowd's quoted market, the Floor Broker may immediately
provide a bid (offer) price for the Customer Order, so long as the
Floor Broker's price (``Facilitation Price'') is on or inside the
quoted market provided by the trading crowd in response to the Floor
Broker's request for a market. As proposed, once the Floor Broker
provides a Facilitation Price and can satisfy all of the contingencies
associated with the Customer Order, the Customer Order is deemed
consummated at the Facilitation Price.
Once the facilitation process described above is achieved, the
Exchange proposes to allocate the Customer Order in the following way:
After first satisfying any orders for the account of persons who are
not OTP Holders or OTP Firms pending at the Facilitation Price, the
Floor Broker may facilitate up to 40% of the remaining Customer Order
against the facilitation order at the Facilitation Price and must allow
any other member of the trading crowd interested in trading at the
Facilitation Price to execute the remaining 60% or more of the Customer
Order. The allocation of the remaining Customer Order would be made on
(i) a size pro-rata basis (the percentage of the orders that is the
ratio of the size of the offers (bids) to the total size of the offers
(bids) as described in 6.75(f)(6)); or (ii) an equal basis (in the case
of identical offers (bids) as described in PCX Rule 6.75(c)) where the
Floor Broker's bid (offer) improved the crowd's price in response to
the request for a market. If after providing the crowd reasonable time
to execute the remaining 60% of the Customer Order any amount of the
Customer Order remains, the Floor Broker would be required to fill the
remainder of the Customer Order by executing it against the
Facilitation Order at the Facilitation Price.
The Exchange also proposes to add new PCX Rule 6.47(b)(5) to state
that if the trading crowd does not provide a bid and offer for all
components of the Customer Order in response to the Floor Broker's
request within a reasonable period of time, the ``market quote'' for
the purpose of this rule will be: (i) the quoted market disseminated by
the Exchange prior to the commencement of the Facilitation Procedure,
or (ii) for orders for which there is no disseminated market, the
market for the order will be determined by the disseminated quote for
each leg of the transaction prior to the commencement of the
Facilitation Procedure. Once the Floor Broker provides a Facilitation
Price and can satisfy all of the contingencies associated with the
Customer Order, the Customer Order would be deemed consummated at the
Facilitation Price. After satisfying the orders of any persons who are
not OTP Holders or OTP Firms pending at the Facilitation Price, the
Floor Broker would be permitted to facilitate up to 40% of the
remaining Customer Order against the Facilitation Order at the
Facilitation Price and would be required to allow any other member of
the trading crowd interested in trading at the facilitation price to
execute the remaining 60% or more of the Customer Order. After
providing the crowd reasonable time to execute the remaining 60% of the
Customer Order, the Floor Broker would be required to fill the
remainder of the Customer Order by executing it against the
Facilitation Order at the Facilitation Price.
Participation of Lead Market Makers
Currently, PCX Rule 6.47(b)(5) provides that if the facilitation
trade occurs at the LMM's quoted bid or offer in its allocated issue,
then the LMM's guaranteed participation level shall apply only to the
number of contracts remaining after all public customer orders and firm
facilitation orders being represented by the Floor Brokers have been
satisfied. The rule further provides that the total amount of
participation that any firm and/or LMM may receive as a guarantee may
not exceed 40% of the Customer Order. If the trade occurs at a price
other than the LMM's quoted bid or offer, the LMM is entitled to no
guaranteed participation.
The Exchange seeks to renumber this rule as proposed PCX Rule
6.47(b)(6) and amend it to provide that if the facilitation trade
occurs at the LMM's quoted bid or offer in their allocated issue and
the Floor Broker takes less than 40% of the trade, then the LMM may
elect either (i) to accept a guaranteed participation level of 40%
minus the Floor Broker's allocation percentage, or (ii) to participate
in the pro-rata allocation on a non-guarantee participation level. If
the trade occurs at a price other than the LMM's quoted bid or offer,
the LMM would be entitled to no ``guaranteed'' participation. The
proposed rule would not prohibit a Floor Broker or LMM from trading
more than their guaranteed participation levels if the members of the
trading crowd do not choose to trade the remaining portion of the
order.
Violative Conduct
Current Commentary .06 to PCX Rule 6.47 provides that the Exchange
has determined that deliberate misrepresentation of an order will
subject an OTP Holder or OTP Firm to disciplinary action. The Exchange
seeks to replace this provision with new Commentaries .06 and .07,
which expressly define the conduct that the Exchange deems to be in
violation of existing Exchange rules. As proposed, new Commentary .06
provides that it will be a violation of a Floor Broker's duty to use
due diligence in representing its Customer Order if the Floor Broker
does not employ the Facilitation Procedure on the PCX immediately upon
receipt on the PCX of the order that the OTP Holder or OTP Firm wishes
to have executed as a facilitation cross.
The Exchange also proposes to add Commentary .07, which provides
that it will be a violation of an OTP Holder's or OTP Firm's duty of
best execution to its customer if it cancels a facilitation order for
the purpose of avoiding execution of the order at a better price. The
Exchange believes that the availability of the Facilitation Procedure
does not alter an OTP Holder or OTP Firm's best execution duty to get
the best price for its customer. Therefore, while facilitation orders
can be cancelled prior to obtaining quotes from a trading crowd, an OTP
Holder or OTP Firm that (i) cancels a facilitation order when there is
a superior price available on the Exchange and (ii) subsequently
reenters the facilitation order at the same Facilitation Price after
the better price is no longer available and does not attempt to obtain
that better price for its customer is presumed to have acted in
violation of his or her duty of best execution.
2. Statutory Basis
The Exchange states that the basis under the Act for the proposed
rule change is the requirement under section 6(b)(5) of the Act \7\
that an exchange have rules that are 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------
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 that is not necessary or appropriate
in furtherance of the purposes of the Act.
C. Self-Regulatory Organization's Statement on Comments on the
[[Page 45364]]
Proposed Rule Change Received From Members, Participants, or Others
Written comments on the proposed rule change were neither solicited
nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of publication of this notice in the
Federal Register or within such longer period (i) as the Commission may
designate up to 90 days of such date if it finds such longer period to
be appropriate and publishes its reasons for so finding or (ii) as to
which the Exchange consents, the Commission will:
(A) By order approve such proposed rule change or
(B) Institute proceedings to determine whether the proposed rule
change should be disapproved.
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. 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 SR-PCX-2003-64 on the subject line.
Paper Comments
Send paper comments in triplicate to Jonathan G. Katz,
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW.,
Washington, DC 20549-0609.
All submissions should refer to File Number SR-PCX-2003-64. 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. Copies of such
filing also will be available for inspection and copying at the
principal office of the Exchange. 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 SR-PCX-2003-64 and should be submitted on or before August
19, 2004.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\8\
---------------------------------------------------------------------------
\8\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-17291 Filed 7-28-04; 8:45 am]
BILLING CODE 8010-01-P