

[Federal Register: October 10, 2007 (Volume 72, Number 195)]
[Notices]               
[Page 57615-57616]
From the Federal Register Online via GPO Access [wais.access.gpo.gov]
[DOCID:fr10oc07-124]                         

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-56598; File No. SR-Amex-2007-48]

 
Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Approving Proposed Rule Change Modifying the Options Listing Criteria 
for Underlying Securities

October 2, 2007.
    On May 17, 2007, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission''), pursuant to Section 19(b)(1) of the Securities 
Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to amend Amex's options listing criteria to allow 
Amex to list and trade equity options that do not meet Amex's initial 
listing standards if such options are listed and traded on another

[[Page 57616]]

national securities exchange and meet Amex's continued listing 
standards for equity options. On August 21, 2007, Amex amended the 
proposed rule change. The proposed rule change, as amended, was 
published for comment in the Federal Register on August 31, 2007.\3\ 
The Commission received no comment letters on the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See Securities Exchange Act Release No. 56328 (August 24, 
2007), 72 FR 50423.
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    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the regulations thereunder 
applicable to a national securities exchange.\4\ In particular, the 
Commission finds that the proposed rule change is consistent with 
Section 6(b)(5) of the Act,\5\ which requires that the rules of an 
exchange be 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. The proposal is narrowly tailored to address the 
circumstances where an equity option class is currently ineligible for 
initial listing on the Exchange even though it meets the Exchange's 
continued listing standards and is trading on another options exchange. 
Allowing Amex to list and trade options on such underlying securities 
should help promote competition among the exchanges that list and trade 
options. The Commission notes that the Exchange represented that the 
procedures that the Exchange currently employs to determine whether a 
particular underlying security meets the initial equity option listing 
criteria for the Exchange will similarly be applied when determining 
whether an underlying security meets the Exchange's continued listing 
criteria.
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    \4\ In approving this rule change, the Commission notes that it 
has considered the proposed rule's impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78f(b)(5).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\6\ that the proposed rule change (SR-Amex-2007-48) be, and hereby 
is, approved.
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    \6\ 15 U.S.C. 78f(b)(5).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\7 \
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    \7\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
 [FR Doc. E7-19870 Filed 10-9-07; 8:45 am]

BILLING CODE 8011-01-P
