68 FR 169 pg. 52264 - Self-Regulatory Organizations; Order Granting Approval of Proposed Rule Change and Amendment No. 1 Thereto by the Philadelphia Stock Exchange, Inc. Relating to the Prohibition Against Specialists Accepting Discretionary Orders on the Limit Order Book
Type: NOTICEVolume: 68Number: 169Page: 52264
Docket number: [Release No. 34-48397; File No. SR-Phlx-2003-15]
FR document: [FR Doc. 03-22294 Filed 8-29-03; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-48397; File No. SR-Phlx-2003-15]
Self-Regulatory Organizations; Order Granting Approval of Proposed Rule Change and Amendment No. 1 Thereto by the Philadelphia Stock Exchange, Inc. Relating to the Prohibition Against Specialists Accepting Discretionary Orders on the Limit Order Book
August 22, 2003.
On March 13, 2003, the Philadelphia Stock Exchange, Inc. ("Phlx" or "Exchange") filed with the Securities and Exchange Commission ("Commission"), pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ("Act")1and Rule 19b-4 thereunder,2a proposed rule change to codify the prohibition against specialists accepting discretionary orders on the limit order book. On June 5, 2003, the Phlx amended the proposed rule change.
Footnotes:
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b-4.
The proposed rule change, as amended, was published for comment in the Federal Register on July 17, 2003.3The Commission received no comments on the proposal.
Footnotes:
3 See Securities Exchange Act Release No. 48160 (July 17, 2003), 68 FR 42452.
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 exchange4and, in particular, the requirements of Section 6 of the Act5and the rules and regulations thereunder. The Commission finds specifically that the proposed rule change is consistent with Section 6(b)(6)6of the Act because it should clarify for Exchange specialists the types of orders that they may, and may not, accept onto the limit order book.
Footnotes:
4 In approving this proposed rule change, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f).
5 15 U.S.C. 78f.
6 15 U.S.C. 78f(b)(6).
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,7that the proposed rule change (SR-Phlx-2003-15) be, and it hereby is, approved.
Footnotes:
7 15 U.S.C. 78s(b)(2).
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.8
Footnotes:
8 17 CFR 200.30-3(a)(12).
Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-22294 Filed 8-29-03; 8:45 am]
BILLING CODE 8010-01-P