[Federal Register Volume 66, Number 159 (Thursday, August 16, 2001)]
[Notices]
[Pages 43036-43037]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 01-20627]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-44662; File No. 4-208]


Intermarket Trading System; Notice of Filing of the Eighteenth 
Amendment to the ITS Plan Relating to the Pacific Exchange, Inc.'s 
Implementation of the ARCA Facility

August 8, 2001.
    Pursuant to section 11A of the Securities Exchange Act of 1934 
(``Act''),\1\ and Rule 11A3a3-2 thereunder,\2\ notice is hereby given 
that on July 24, 2001, the Intermarket Trading System Operating 
Committee (``ITSOC'') submitted to the Securities and Exchange 
Commission (``Commission'') a proposed amendment (``Eighteenth 
Amendment'') to the restated ITS Plan.\3\ The purpose of the proposed 
amendment is to: (1) eliminate provisions relating to the PCX's Remote 
Specialists; and (2) recognize the PCX's implementation of the 
Archipelago (``ARCA'') Facility. The Commission is publishing this 
notice to solicit comment on the proposed amendment from interested 
persons.
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    \1\ 15 U.S.C. 78k-1.
    \2\ 17 CFR 240.11Aa3-2.
    \3\ The ITS is a National Market System (``NMS'') plan, which 
was designed to facilitate intermarket trading in exchange-listed 
equity securities based on current quotation information emanating 
from the linked markets. See Securities Exchange Act Release No. 
19456 (January 27, 1983), 48 FR 4938 (February 3, 1983).
    The ITS Participants include the American Stock Exchange LLC 
(``Amex''), the Boston Stock Exchange, Inc. (``BSE''), the Chicago 
Board Options Exchange, Inc. (``CBOE''), the Chicago Stock Exchange, 
Inc. (``CHX''), the Cincinnati Stock Exchange, Inc. (``CSE''), the 
National Association of Securities Dealers, Inc. (``NASD''), the New 
York Stock Exchange, Inc. (``NYSE''), the Pacific Exchange, Inc. 
(``PCX''), and the Philadelphia Stock Exchange, Inc. (``PHLX'') 
(``Participants'').
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I. Description of the Amendment

    The proposed amendment deletes provisions of the ITS Plan relating 
to PCX's Remote Specialists.\4\ In addition, the proposed amendment 
recognizes the PCX's implementation of the ARCA Facility. The proposed 
amendment defines ``ARCA Facility'' as the computerized electronic 
facility for the trading of equity securities at the PCX, through its 
wholly owned subsidiary, the PCX Equities, Inc. (``PCXE'').\5\ The 
proposed amendment also defines the ``ARCA Facility Supervisory 
Center'' as the premises of the PCX at which the

[[Page 43037]]

ITS supervisory stations are located, which monitor the PCX's 
Participant Market.
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    \4\ See ITS Plan, Sections 1(33B1) (defining ``PCX Coordinating 
Specialist''), 1(33C) (defining ``PCX Regular Specialist''), 1(33D) 
(defining ``PCX Remote Specialist''), and 1(33E) (defining ``PCX 
Registered Specialist'').
    \5\ See PCXE Rule 7.1(a)(3) (defining term ``facilities'' or 
``trading facilities'').
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    The ITSOC proposes to amend the ITS Plan in various sections to 
incorporate the usage of the ARCA Facility and the ARCA Facility 
Supervisory Center. In particular, the ITS Plan would be amended to 
include references to the ARCA Facility and the ARCA Facility 
Supervisory Center regarding ITS supervisory stations, the receipt of 
quotations, the description of ITS transactions, commitment 
information, implementation obligations of the pre-opening application, 
system access, and the operational parameters for the ARCA Facility.\6\
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    \6\ See ITS Plan, Section 1 (``Definitions''); Section 5 (``The 
System''); Section 6 (``ITS''); Section 7 (``Pre-Opening 
Application''); and Section 8 (``Participants' Implementation 
Obligations'') (proposing to incorporate the usage of the ARCA 
Facility and the ARCA Facility Supervisory Center on the PCX in 
these sections, respectively).
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II. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed Plan 
amendment is consistent with the Act. Persons making written 
submissions should file six copies thereof with the Secretary, 
Securities and Exchange Commission, 450 Fifth Street, NW., Washington, 
DC 20549-0609. Copies of the submission, all subsequent amendments, all 
written statements with respect to the proposed Plan amendment that are 
filed with the Commission, and all written communications relating to 
the proposed Plan amendment between the Commission and any person, 
other than those that may be withheld from the public in accordance 
with the provisions of 5 U.S.C. 552, will be available for inspection 
and copying in the Commission's Public Reference Room. Copies of such 
proposed Plan Amendment will also be available for inspection and 
copying at the principal office of the ITS. All submissions should 
refer to File No. 4-208 and should be submitted by September 6, 2001.

    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)(29).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 01-20627 Filed 8-15-01; 8:45 am]
BILLING CODE 8010-01-M