

[Federal Register: February 8, 2007 (Volume 72, Number 26)]
[Notices]               
[Page 6016-6017]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr08fe07-86]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55207, File No. 4-518]

 
Joint Industry Plan; Order Approving Amendment To Add the 
International Securities Exchange, LLC as Participant to National 
Market System Plan Establishing Procedures Under Rule 605 of Regulation 
NMS

January 31, 2007.

I. Introduction

    On September 14, 2006, the International Securities Exchange, LLC 
(``ISE'') submitted to the Securities and Exchange Commission (``SEC'' 
or ``Commission'') in accordance with Section 11A of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 608 of Regulation NMS,\2\ a 
proposed amendment to the national market system plan establishing 
procedures under Rule 605 of Regulation NMS (``Joint-SRO Plan'' or 
``Plan'').\3\ Under the proposed amendment, ISE would be added as a 
participant to the Joint-SRO Plan. Notice of filing and an order 
granting temporary effectiveness of the proposal through January 30, 
2007 was published in the Federal Register on October 2, 2006.\4\ The 
Commission did not receive any comments on the proposed amendment. This 
order approves the amendment on a permanent basis.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 242.608.
    \3\ 17 CFR 242.605. On April 12, 2001, the Commission approved a 
national market system plan for the purpose of establishing 
procedures for market centers to follow in making their monthly 
reports available to the public under Rule 11Ac1-5 under the Act (n/
k/a Rule 605 of Regulation NMS). See Securities Exchange Act Release 
No. 44177 (April 12, 2001), 66 FR 19814 (April 17, 2001).
    \4\ See Securities Exchange Act Release No. 54510 (September 26, 
2006), 71 FR 58018.
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II. Discussion

    The Joint-SRO Plan establishes procedures for market centers to 
follow in making their monthly reports required pursuant to Rule 605 of 
Regulation NMS, available to the public in a uniform, readily 
accessible, and usable electronic format. The current participants to 
the Joint-SRO Plan are the American Stock Exchange LLC, Boston Stock 
Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago 
Stock Exchange, Inc., Cincinnati Stock Exchange, Inc. (n/k/a National 
Stock ExchangeSM), The NASDAQ Stock Market LLC, National 
Association of Securities Dealers, Inc., New York Stock Exchange, Inc. 
(n/k/a New York Stock Exchange LLC), Pacific

[[Page 6017]]

Exchange, Inc. (n/k/a NYSE Arca, Inc.), and Philadelphia Stock 
Exchange, Inc. The proposed amendment would add ISE as a participant to 
the Joint-SRO Plan.
    Section III(b) of the Joint-SRO Plan provides that a national 
securities exchange or national securities association may become a 
party to the Plan by: (i) Executing a copy of the Plan, as then in 
effect (with the only changes being the addition of the new 
participant's name in Section II(a) of the Plan and the new 
participant's single-digit code in Section VI(a)(1) of the Plan) and 
(ii) submitting such executed plan to the Commission for approval. ISE 
submitted a signed copy of the Joint-SRO Plan to the Commission in 
accordance with the procedures set forth in the Plan regarding new 
participants.
    The Commission finds that the amendment to the Joint-SRO Plan is 
consistent with the requirements of the Act and the rules and 
regulations thereunder. Specifically, the Commission finds that the 
proposed amendment is consistent with the requirements of Section 11A 
of the Act,\5\ and Rule 608 of Regulation NMS.\6\ The Plan established 
appropriate procedures for market centers to follow in making their 
monthly reports required pursuant to Rule 605 of Regulation NMS 
available to the public in a uniform, readily accessible, and usable 
electronic format. The amendment to include ISE as a participant in the 
Joint-SRO Plan should contribute to the maintenance of fair and orderly 
markets and remove impediments to and perfect the mechanisms of a 
national market system by facilitating the uniform public disclosure of 
order execution information by all market centers. The Commission 
believes that it is necessary and appropriate in the public interest, 
for the maintenance of fair and orderly markets, to remove impediments 
to, and perfect mechanisms of, a national market system to allow ISE to 
become a participant in the Joint-SRO Plan. The Commission finds, 
therefore, that approving the amendment to the Joint-SRO Plan is 
appropriate and consistent with Section 11A of the Act.\7\
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    \5\ 15 U.S.C. 78k-1.
    \6\ 17 CFR 242.608.
    \7\ 15 U.S.C. 78k-1.
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III. Conclusion

    It is therefore ordered, pursuant to Section 11A(a)(3)(B) of the 
Act \8\ and Rule 608 of Regulation NMS,\9\ that the amendment to the 
Joint-SRO Plan to add ISE as a participant is approved and ISE is 
authorized to act jointly with the other participants to the Joint-SRO 
Plan in planning, developing, operating, or regulating the Plan as a 
means of facilitating a national market system.
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    \8\ 15 U.S.C. 78k-1(a)(3)(B).
    \9\ 17 CFR 242.608.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(29).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-2093 Filed 2-7-07; 8:45 am]

BILLING CODE 8010-01-P
