70 FR 228 pgs. 71591-71592 - Self-Regulatory Organizations; Pacific Exchange, Inc.; Order Approving Proposed Rule Change and Amendment Nos. 2 and 3 Thereto Relating to Exposure of Orders in the PCX Plus Crossing Mechanism
Type: NOTICEVolume: 70Number: 228Pages: 71591 - 71592
Docket number: [Release No. 34-52814; File No. SR-PCX-2005-85]
FR document: [FR Doc. E5-6622 Filed 11-28-05; 8:45 am]
Agency: Securities and Exchange Commission
Official PDF Version: PDF Version
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-52814; File No. SR-PCX-2005-85]
Self-Regulatory Organizations; Pacific Exchange, Inc.; Order Approving Proposed Rule Change and Amendment Nos. 2 and 3 Thereto Relating to Exposure of Orders in the PCX Plus Crossing Mechanism
November 21, 2005.
On July 19, 2005, the Pacific Exchange, Inc. ("PCX" or "Exchange"), filed with the Securities and Exchange Commission ("Commission") a proposed rule change pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 ("Act")1and Rule 19b-4 thereunder,2to reduce the exposure period in the Crossing Mechanism of the PCX Plus System from 30 seconds to 10 seconds. The PCX filed Amendment No. 1 to the proposed rule change on September 20, 2005 and subsequently withdrew Amendment No. 1. The PCX filed Amendment Nos. 2 and 3 to the proposed rule change on September 23, 2005 and September 27, 2005, respectively. The proposed rule change, as amended, was published for comment in the Federal Register on October 7, 2005.3The Commission received no comments on the proposal.
Footnotes:
1 15 U.S.C. 78s(b)(1).
2 17 CFR 240.19b-4.
3 See Securities Exchange Act Release No. 52542 (September 30, 2005), 70 FR 58773.
After careful consideration, the Commission finds that the proposed rule change is consistent with the requirements of Section 6(b) of the Act4and the rules and regulations thereunder applicable to a national securities exchange,5and in particular with Section 6(b)(5) of the Act.6The Commission believes that, in the electronic environment of PCX Plus, reducing the exposure period to 10 seconds could facilitate the prompt execution of orders, while providing participants in the PCX Plus System with an adequate opportunity to compete for those orders.
Footnotes:
4 15 U.S.C. 78f(b).
5 In approving this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).
6 15 U.S.C. 78f(b)(5).
It is therefore ordered, pursuant to Section 19(b)(2) of the Act,7that the proposed rule change (SR-PCX-2005-85), as amended, isapproved.
Footnotes:
7 15 U.S.C. 78s(b)(2).
8 17 CFR 200.30-3(a)(12).
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.8
Jonathan G. Katz,
Secretary.
[FR Doc. E5-6622 Filed 11-28-05; 8:45 am]
BILLING CODE 8010-01-P