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only for transactions by Non- public interest, for the protection of submissions should refer to File
Customers 9 in options on IWM, SMH, investors, or otherwise in furtherance of Number SR–ISE–2005–38 and should be
OIH, XLE, and TLT. The amount of the the purposes of the Act.14 submitted on or before September 21,
execution fee and comparison fee for the 2005.
IV. Solicitation of Comments
products covered by this filing shall be For the Commission, by the Division of
the same for all order types on the Interested persons are invited to Market Regulation, pursuant to delegated
Exchange—that is, orders for Public submit written data, views, and authority.15
Customers and Non-Customers (which arguments concerning the foregoing, Margaret H. McFarland,
include Market Makers and Firm including whether the proposed rule
Deputy Secretary.
Proprietary)—and shall be equal to the change, as amended, is consistent with
the Act. Comments may be submitted by [FR Doc. E5–4731 Filed 8–30–05; 8:45 am]
execution fee and comparison fee,
respectively, that are currently charged any of the following methods: BILLING CODE 8010–01–P
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Federal Register / Vol. 70, No. 168 / Wednesday, August 31, 2005 / Notices 51857
Price Improvement Mechanism (‘‘PIM’’), or to the Exchange’s limit order book. In rule change was published for comment
or send the order to the Exchange’s limit addition, a market maker that receives a in the Federal Register on July 25,
order book. If the market maker submits Directed Order when not quoting at the 2005.3 The Commission received no
the order to the PIM and is quoting at NBBO as well as when quoting at the comment letters regarding the proposal.
the national best bid or offer (‘‘NBBO’’) NBBO, would have to wait three The Commission finds that the
on the opposite side of the Directed seconds before trading with the Directed proposed rule change is consistent with
Order, it would be prohibited from Order. The Directed Order would be the requirements of the Act and the
changing its quotation to a price less exposed to other market participants to rules and regulations thereunder
favorable than the price available at the give them the first opportunity to trade applicable to the MSRB 4 and, in
NBBO or reducing the size of its with the Directed Order. Accordingly, particular, the requirements of Section
quotation prior to submitting the the Commission believes that the 15B(b)(2)(C) of the Act 5 and the rules
Directed Order to the PIM, unless such proposal would not provide any and regulations thereunder. Section
quotation change is the result of an disincentive for market makers that 15B(b)(2)(C) of the Act requires, among
automated quotation system that receive Directed Orders to quote other things, that the MSRB’s rules be
operates independently from the competitively. designed to prevent fraudulent and
existence or nonexistence of a pending It is therefore ordered, pursuant to manipulative acts and practices, to
Directed Order. If the market maker Section 19(b)(2) of the Act,8 that the promote just and equitable principles of
sends the order to the Exchange’s limit proposed rule change (SR–ISE–2004–16) trade, to foster cooperation and
order book (or the Exchange system be, and it hereby is, approved. coordination with persons engaged in
releases the order to the limit order book For the Commission, by the Division of regulating, clearing, settling, processing
after three seconds) certain restrictions Market Regulation, pursuant to delegated information with respect to, and
would apply to a market maker’s ability authority.9 facilitating transactions in municipal
to trade with the order depending on Margaret H. McFarland, securities, to remove impediments to
whether the Directed Order is Deputy Secretary. and perfect the mechanism of a free and
marketable or not marketable, and [FR Doc. E5–4732 Filed 8–30–05; 8:45 am] open market in municipal securities,
whether the Directed Market Maker is BILLING CODE 8010–01–P and, in general, to protect investors and
quoting at the NBBO or not quoting at the public interest.6 In particular, the
the NBBO. In any case, the Directed Commission finds that the proposed
Market Maker would be last in priority SECURITIES AND EXCHANGE rule change will increase the efficiency
when the Directed Order is matched COMMISSION of official statement dissemination in
against contra interest. the marketplace and the timeliness of
After careful consideration, the [Release No. 34–52333, File No. SR–MSRB–
2005–13] official statement deliveries to
Commission finds that the proposed customers.
rule change is consistent with the Self-Regulatory Organizations; It is therefore ordered, pursuant to
requirements of the Act and the rules Municipal Securities Rulemaking Section 19(b)(2) of the Act,7 that the
and regulations thereunder that are Board; Order Approving Proposed proposed rule change (SR–MSRB–2005–
applicable to a national securities Rule Change Relating to Official 13) be, and hereby is, approved.
exchange.5 In particular, the Statement Delivery Requirements
Commission finds that the proposed For the Commission, by the Division of
Under Rule G–32, Rule G–36, and Rule Market Regulation, pursuant to delegated
rule change is consistent with Section G–11 authority.8
6(b)(5) of the Act,6 which requires
among other things, that an exchange August 25, 2005. Margaret H. McFarland,
have rules that are designed to foster On June 23, 2005, the Municipal Deputy Secretary.
cooperation and coordination with Securities Rulemaking Board (‘‘MSRB’’ [FR Doc. E5–4751 Filed 8–30–05; 8:45 am]
persons engaged in regulating, clearing, or ‘‘Board’’), filed with the Securities BILLING CODE 8010–01–P
settling, processing information with and Exchange Commission (‘‘SEC’’ or
respect to, and facilitating transaction in ‘‘Commission’’), pursuant to Section
securities, to remove impediments to 19(b)(1) of the Securities Exchange Act DEPARTMENT OF TRANSPORTATION
and perfect the mechanism for a free of 1934 (‘‘Act’’),1 and Rule 19b-4
and open market and a national market thereunder,2 a proposed rule change Federal Motor Carrier Safety
system, and, in general, to protect consisting of amendments to Rule G–32 Administration
investors and the public interest. (on delivery of official statements to
The Commission notes that the [Docket No. FMCSA–2005–22056]
new issue customers), Rule G–36 (on
proposal is similar to the Directed Order delivery of official statements and
program currently in place on the Public Meeting To Discuss the
advance refunding documents to the Implementation of the North American
Boston Options Exchange facility Board) and Rule G–11 (on new issue
(‘‘BOX’’) of the Boston Stock Exchange, Standard for Cargo Securement
municipal securities during the
Inc. (‘‘BSE’’).7 Similar to the program underwriting period). The proposed rule AGENCY:Federal Motor Carrier Safety
currently in place on BOX, market change is intended to improve the Administration (FMCSA), DOT.
makers receiving Directed Orders must efficiency of official statement
accept all orders directed to them and dissemination in the municipal 3 See Securities Exchange Act Release No. 52058
must send such orders only to the PIM securities marketplace and the (July 19, 2005), 70 FR 42604 (July 25, 2005).
4 In approving this rule the Commission notes
timeliness of official statement that it has considered the proposed rule’s impact on
5 In approving this proposed rule change, the
7 See BSE Rules Chapter VI, Section 5(b) and (c), 1 15 U.S.C. 78s(b)(1). 7 15 U.S.C. 78s(b)(2).
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