[Federal Register Volume 68, Number 120 (Monday, June 23, 2003)]
[Notices]
[Page 37193]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-15771]
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SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-48040; File No. SR-Phlx-2003-28]
Self-Regulatory Organizations; Order Approving a Proposed Rule
Change by the Philadelphia Stock Exchange, Inc. To Retroactively Apply
Its Broker-Dealer Transaction Fee for Equity Option Transactions for
the Period From April 1, 2003 to April 10, 2003
June 17, 2003.
On April 28, 2003, the Philadelphia Stock Exchange, Inc. (``Phlx''
or ``Exchange'') filed with the Securities and Exchange Commission
(``SEC'' or ``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 retroactively apply its
broker-dealer transaction fee for equity option transactions for the
period from April 1, 2003 to April 10, 2003. The proposed rule change
was published for comment in the Federal Register on May 13, 2003.\3\
The Commission received no comment letters on the proposed rule change.
This order approves the proposed rule change.
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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. 47799 (May 6, 2003),
68 FR 25670.
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After careful review, the Commission finds that the proposed rule
change is consistent with the requirements of section 6 of the Act \4\
and the rules and regulations thereunder applicable to a national
securities exchange. Specifically, the Commission finds that the
proposed rule change is consistent with section 6(b)(4) of the Act,\5\
which requires that the Exchange's rules provide for the equitable
allocation of reasonable dues, fees and other charges among members and
issuers and other persons using its facilities. The Commission believes
that the proposed application of the lower broker-dealer transaction
fee for block equity option transactions implemented on April 11, 2003
to transactions settling from April 1, 2003 to April 10, 2003 should
establish reasonable execution costs for market participants during
that period.
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\4\ 15 U.S.C. 78f. In approving this rule, the Commission notes
that it 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(b)(4).
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For this reason, the Commission finds that the proposed rule change
is consistent with the requirements of the Act and rules and
regulations thereunder.
It is therefore ordered, pursuant to section 19(b)(2) of the
Act,\6\ that the proposed rule change (SR-Phlx-2003-28) is approved.
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\6\ 15 U.S.C. 78s(b)(2).
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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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-15771 Filed 6-20-03; 8:45 am]
BILLING CODE 8010-01-P