[Federal Register Volume 66, Number 135 (Friday, July 13, 2001)]
[Notices]
[Pages 36815-36816]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-17517]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44527; File No. SR-Phlx-2001-19]


Self-Regulatory Organizations; Order Granting Approval to 
Proposed Rule Change by the Philadelphia Stock Exchange, Inc. To 
Institute an Antitrust Compliance Policy

July 9, 2001.
    On March 5, 2001, 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

[[Page 36816]]

of 1934 (``Act'') \1\ and Rule 19b-4 \2\ thereunder, a proposal to 
institute an Antitrust Compliance Policy. On June 7, 2001, the 
Commission published the proposed rule change in the Federal 
Register.\3\ The Commission received no comments on the proposal. 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. 44373 (May 31, 
2001), 66 FR 30783.
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    The Commission finds that the proposed rule change is consistent 
with the Act and the rules and regulations thereunder applicable to a 
national securities exchange.\4\ In particular, the Commission finds 
that the proposal is consistent with section 6(b)(5) of the Act which 
requires, among other things, that the rules of an exchange be designed 
to promote just and equitable principles of trade; to facilitate 
transactions in securities; to remove impediments to and perfect the 
mechanisms of a free and open market and a national market system; and, 
in general, to protect investors and the public interest.\5\
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    \4\ In approving the proposed rule change, the Commission 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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    In September 2000, the Commission issued an order instituting 
public administrative proceedings against Phlx and other options 
exchanges, finding that Phlx and the other options exchanges had, among 
other things, followed a course of conduct that limited multiple 
listing of options, impeded competition in multiple listing, and failed 
appropriately to enforce rules relating to harassment and intimidation 
of members.\6\ The Commission believes that Phlx's establishment of an 
Antitrust Compliance Policy should help to promote just and equitable 
principles of trade.
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    \6\ See Order Instituting Public Administrative Proceedings 
Pursuant to Section 19(h)(1) of the Securities Exchange Act of 1934, 
Making Findings and Imposing Remedial Sanctions, Securities Exchange 
Act Release No. 43268 (September 11, 2001).
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    It Is Therefore Ordered, pursuant to section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-Phlx-2001-19) is approved.
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    \7\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\8\
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    \8\ 17 CFR 200.30-3(a)(12).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-17517 Filed 7-12-01; 8:45 am]
BILLING CODE 8010-01-M