[Federal Register Volume 67, Number 153 (Thursday, August 8, 2002)]
[Notices]
[Pages 51609-51612]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-20068]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46305; File No. SR-AMEX-2001-106]


Self-Regulatory Organizations; American Stock Exchange LLC; Order 
Granting Approval to a Proposed Rule Change and Amendment No. 1 Thereto 
and Notice of Filing and Order Granting Accelerated Approval to 
Amendment Nos. 2 and 3 Thereto Relating to Unlisted Trading Privileges 
in Nasdaq National Market Securities

August 2, 2002.

I. Introduction and Description of the Proposal

    On December 17, 2001, the American Stock Exchange LLC (``Amex'' 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 adopt Amex Rule 118 and to 
amend Amex Rules 1, 3, 7, 24, 115, 170, 175, 190, 205 and Section 950 
of the Amex Company Guide to provide for the trading of Nasdaq Stock 
Market, Inc. (``Nasdaq'') National Market (``NNM'') securities pursuant 
to unlisted trading privileges (``UTP''). On January 14, 2002, the Amex 
filed Amendment No. 1 to the proposed rule change.\3\ The proposed rule 
change, as amended by Amendment No. 1, was published in the Federal 
Register on February 6, 2002.\4\ The Commission received two comment 
letters and a response. On April 19, 2002, the Amex filed Amendment No. 
2 to the proposed rule change \5\ and on July 26, 2002 filed Amendment 
No. 3 to the proposed rule change.\6\ This order approves the proposed 
rule change, as amended. In addition, the Commission is publishing 
notice to solicit comment on and is simultaneously approving, on an 
accelerated basis, Amendment Nos. 2 and 3 to the proposal.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ See letter from Geraldine Brindisi, Vice President and 
Corporate Secretary, Amex, to Katherine England, Assistant Director, 
Division of Market Regulation (``Division''), Commission (January 
11, 2002) (``Amendment No. 1'').
    \4\ See Securities Exchange Act Release No. 45365 (January 30, 
2002), 67 FR 5626.
    \5\ See letter from Claire P. McGrath, Senior Vice President and 
Deputy General Counsel, Amex, to Katherine England, Assistant 
Director, Division, Commission (April 18, 2002) (``Amendment No. 
2''). In Amendment No. 2, the Exchange amended the proposed Amex 
Rule 118, Trading in Nasdaq National Market Securities, to provide 
that orders sent via telephone from other market centers to the 
Floor and executed by the Amex specialist must be compared and 
cleared through an Exchange member or member organization or the 
clearing firm of a member or member organization.
    \6\ See letter from Claire P. McGrath, Senior Vice President and 
Deputy General Counsel, Amex, to Nancy Sanow, Assistant Director, 
Division, Commission (July 25, 2002) (``Amendment No. 3''). In 
Amendment No. 3, the Exchange deleted formerly proposed Commentary 
.01 to Rule 175, Specialist Prohibitions. See Securities Exchange 
Act Release No. 46213 (July 16, 2002), 67 FR 48232 (July 23, 2002). 
In addition, in Commentary .01 to Rule 118, Trading in Nasdaq 
National Market Securities, the Exchange deleted a formerly proposed 
reference to Commentary .01 to Rule 175 due to deletion of the 
referenced Commentary by Amendment No. 3. Finally, the Exchange 
deleted formerly proposed Commentary .05 to Rule 205, Manner of 
Executing Odd-Lot Orders, because of a related Exchange rule filing 
addressing odd-lot executions in NNM securities. See Securities 
Exchange Act Release No. 46148 (June 28, 2002), 67 FR 45773 (July 
10, 2002) (File No. SR-Amex-2002-56). SR-Amex-2002-56 proposes to 
add a new subsection (j) to Rule 118 that deals specifically with 
executions of odd-lot orders in Nasdaq securities.
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    The Exchange is proposing rules to accommodate trading of NNM 
securities on the Exchange pursuant to UTP, in accordance with 
provisions of the Joint Self-Regulatory Organization Plan Governing the 
Collection, Consolidation and Dissemination of Quotation and 
Transaction Information for Nasdaq-Listed Securities Traded on 
Exchanges on an Unlisted Trading Privileges Basis (``Plan''). The 
Exchange is a participant in the Plan. Exchange trading in NNM 
securities will be governed primarily by Amex Rule 118, Trading in 
Nasdaq National Market Securities. The Exchange intends to limit Nasdaq 
UTP trading to NNM issues and not to include Nasdaq SmallCap issues at 
this time.
    Proposed Rule 118:
    (a) Defines NNM security and Nasdaq System.
    (b) States that the Exchange Constitution and rules apply to 
trading NNM securities, except to the extent that Rule 118 governs or 
unless the context otherwise requires.
    (c) Requires Amex specialists to permit Nasdaq market makers direct 
telephone access to the specialist post and allows Nasdaq market makers 
to use telephone access to transmit orders for execution on the Amex.
    (d) Provides that quotations distributed by Nasdaq market makers 
will be displayed on the Floor, that Amex specialists may send orders 
from the Floor for execution via telephone to Nasdaq market makers, and 
that quotations in Nasdaq securities from other market centers have no 
standing on the Floor.
    (e) Provides that the Exchange will report intermarket transactions 
in which the Exchange member is the seller to the Nasdaq UTP Securities 
Information Processor (``SIP'').
    (f) Provides that intermarket transactions in NNM securities must 
be compared and cleared through an Exchange member or member 
organization or the clearing firm of a member or member organization.
    (g) Provides that specialists in Nasdaq securities must be 
registered and qualified, and includes specified testing and training 
requirements.\7\
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    \7\ The Commission notes that under Amex Rule 175, specialists 
registered as such in securities admitted to dealings pursuant to 
UTP may be affiliated with specialists, registered options traders, 
and other market makers in options on the specialty UTP securities 
provided that information barriers are established, approved, and 
maintained pursuant to Amex Rule 193 between the stock and options 
specialist units. However, side-by-side trading of stocks and 
related options is not permitted. See Securities Exchange Act 
Release No. 46213 (July 16, 2002).

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[[Page 51610]]

    (h) Provides for a disclaimer of Exchange liability with respect to 
transactions on the Exchange in NNM securities, in accordance with 
Article IV, Section 1 (e) of the Exchange Constitution.
    (i) Provides that the specialist financial requirements of Rule 
171, Commentary .04 apply to specialists in Nasdaq securities. Rule 
171, Commentary .04 currently provides that a specialist in a security 
principally traded or priced in another U.S. market must maintain a 
cash or net liquid asset position sufficient to assume a position of 20 
trading units. For Amex-listed securities, the requirement is 60 
trading units.
    The following existing Amex rules also would be amended to 
accommodate Nasdaq UTP trading: \8\
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    \8\ The Commission has separately approved allocation procedures 
applicable to NNM securities. See Securities Exchange Act Release 
No. 45698 (April 5, 2002), 67 FR 18051 (April 12, 2002).
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Rule 1, Comm. .05

    Provides that the hours of business for securities traded on the 
Exchange pursuant to UTP are the same as the hours of trading in the 
primary market for such securities.\9\
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    \9\ The Commission notes that the Plan defines Primary Market. 
However, in Plan Amendment No. 13, the Plan participants propose to 
delete the Primary Market definition and add a Listing Market 
definition. If the Primary Market definition is ultimately deleted 
and the Listing Market definition is added to the Plan, the Exchange 
should reflect this change in its rules where applicable. See 
Securities Exchange Act Release No. 46139 (June 28, 2002), 67 FR 
44888 (July 5, 2002) (Notice of Filing and Partial Summary 
Effectiveness of Amendment No. 13 of the Plan).
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Rule 3

    Exempts trading with non-member Nasdaq market makers from the 
prohibition on trading with non-members.

Rule 7

    States that Rule 7, which includes the short selling ``tick-test'' 
restriction of Rule 10a-1 under the Act, does not apply to transactions 
in NNM securities effected under Rule 118.\10\
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    \10\ The Commission notes that the proposed amendment to Amex 
Rule 7, Short Sales, does not require an exemption from the 
Commission's short sale rule, Rule 10a-1, since Nasdaq securities 
currently are excluded from the Rule. See 17 CFR 240.10a-
1(a)(1)(ii). However, Nasdaq has applied to become a national 
securities exchange. See Securities Exchange Act Release No. 44396 
(June 7, 2001), 66 FR 31952 (June 13, 2001). If Nasdaq becomes a 
registered national securities exchange, Nasdaq securities will be 
exchange listed and subparagraph (ii) of Rule 10a-1 will no longer 
be available. Accordingly, the Exchange specialists trading Nasdaq 
securities would be subject to Rule 10a-1 unless the Exchange 
obtains an exemption from the Rule. Nasdaq has requested an 
exemption from Rule 10a-1.
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Rule 24

    Exempts NNM securities from the rule's block transactions 
restrictions. Rule 24 states that, after learning about a trade 
executed or about to be executed on the Floor involving 10,000 shares 
or more, a member or employee of a member or member organization cannot 
initiate or transmit to the Floor an order for the account of a member 
or member organization for two minutes following the print of the trade 
on the tape. The Exchange does not believe it is appropriate to apply 
the restrictions in Rule 24 to NNM securities, for which Amex would not 
be the primary market.\11\
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    \11\ While Nasdaq UTP trading on the Amex will be exempt from 
Amex Rule 24, the Commission notes that, with respect to trading in 
all securities on the Exchange, including Nasdaq securities traded 
pursuant to UTP, it is a violation of just and equitable principles 
of trade, see Amex Constitution Article V, Section 4(h), for a 
person with material non-public information of an imminent 
transaction in a security to take advantage of that information by 
effecting trades in that security or related securities. The 
Exchange's frontrunning prohibition currently applies not only to 
trading options ahead of a block of stock, but also to trading 
activity in the same stock (``stock to stock frontrunning''). The 
Exchange has procedures in place to examine for stock to stock 
frontrunning activity, and these procedures will be applied to Amex 
trading in Nasdaq securities traded pursuant to UTP. See letter from 
Richard T. Chase, Executive Vice President, Member Firm Regulation, 
Amex, to Nancy Sanow, Assistant Director, Division, Commission, 
dated July 31, 2002.
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Rule 115

    Amends Commentary .01(3) to provide for notification to the SIP for 
NNM securities in the event unusual market activity or an unusual 
condition exists that prevents the specialist from updating quotations 
on a timely basis.

Rule 170, Comm. .11

    Exempts specialists from Rule 170, paragraph (e) and specified 
Commentary to the rule. Rule 170(e) restricts members or persons 
affiliated with a specialist or the specialist's member organization 
from purchasing or selling a specialty security for an account in which 
such person or party has an interest, except when the specialist is 
acting pursuant to Rule 170(c) or (d) (e.g., is engaged in dealings 
reasonably necessary to maintain a fair and orderly market, and to 
maintain price continuity and reasonable depth). Amex as a primary 
market for listed securities imposes the requirements of Amex Rule 170. 
However, the proposed exemption provides regulatory parity with other 
markets trading Nasdaq securities.\12\ The Exchange notes that the 
requirements of Rules 150 and 155 will apply to orders entered with a 
specialist in NNM securities from affiliates of the specialist.
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    \12\ The Commission notes that Amex members remain subject to 
Section 11(a) under the Act, 15 U.S.C. 78k, and the rules 
thereunder.
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Rule 190

    Provides that paragraph (b) shall not apply to NNM securities. 
Paragraph (b) prohibits specialists from accepting an order to buy or 
sell the specialist's specialty securities directly from specified 
entities, including the issuer; an officer, director or 10% shareholder 
in the issuer; a pension fund; or a bank, insurance company or 
investment company. The Exchange does not view the potential abuses 
addressed by paragraph (b) as raised by trading in NNM securities 
insofar as the Exchange would not be the primary market for these 
securities, and restrictions such as those in Rule 190(b) are not 
imposed by regional exchanges or Nasdaq.

Company Guide

Section 950
    Adds Commentary .01 to state that the Exchange may trade NNM 
securities pursuant to UTP. This provision would distinguish Nasdaq UTP 
trading from Amex securities that were admitted to UTP and that, for 
the most part, were traded on the Amex before 1934.

II. Summary of Comments and Response to Comments

    The Commission received a comment letter on the proposed rule 
change from Knight Trading Group, Inc. (``Knight'') on February 28, 
2002,\13\ which expressed concern that the proposal will disrupt the 
national market system and undermine the Firm Quote Rule.\14\ 
Specifically, Knight argued in its comment letter that the proposal 
will disrupt the national market system by permitting Amex members to 
trade NNM securities without providing automatic execution and thereby 
delay executions. Knight asserts that all

[[Page 51611]]

Nasdaq market participants currently provide automatic execution 
through either SuperSOES or Select Net.\15\ Knight also contended that 
the proposal will permit Amex members to obtain an unfair informational 
advantage by monitoring the trading and quoting activity of NNM 
securities without accepting automatic executions. Knight also asserted 
that the proposal will unfairly require market participants to provide 
Amex specialists telephonic access to their quotes, while orders sent 
to the Amex by Nasdaq market makers will not be afforded any standing 
on the Amex floor. Further, Knight argued that the proposal will 
undermine the Firm Quote Rule \16\ because UTP exchange members are not 
required to provide automatic execution against their quotes and can 
enter orders that lock and cross markets. Knight states ``the 
Commission should not permit AMEX members to trade Nasdaq issues 
without being subject to automatic executions.'' Knight further argues 
that the proposal ``enables AMEX members to adhere to auction market 
principles even though this behavior will disrupt the fair and orderly 
trading of Nasdaq issues within the national market system.''
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    \13\ See Letter from Michael T. Dorsey, Senior Vice President, 
General Counsel, and Secretary, Knight, to Commission (February 28, 
2002). In its comment letter, Knight incorporated by reference its 
comment letters previously filed with the Commission with regard to 
the expansion of the issues trading by means of the Plan as well as 
its comments regarding the admission of new entrants to the Plan. 
See Letter from Michael T. Dorsey (``Dorsey''), Senior Vice 
President and General Counsel (``SVP/GC''), Knight, to Jonathan Katz 
(``Katz''), Secretary, Commission (December 19, 2000); Letter from 
Dorsey, SVP/GC, Knight, to Katz, Secretary, Commission (December 13, 
2000); Letter from Dorsey, SVP/GC, Knight, to Katz, Secretary, 
Commission (November 1, 2000); see also Letter from Richard B. 
Levin, Assistant General Counsel and Regulatory Affairs Officer, 
Knight, to Katz, Secretary, Commission (April 17, 2001).
    \14\ 17 CFR 240.11Ac1-1.
    \15\ The Commission notes that SelectNet is not, in fact, an 
automatic execution system.
    \16\ 17 CFR 240.11Ac1-1.
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    The Commission received a response to Knight's comment letter from 
the Amex on May 21, 2002,\17\ which addressed various points raised in 
Knight's comment letter. First, Amex argued that trading by telephone 
will not delay executions because the Amex does not anticipate a 
significant proportion of orders being telephoned to or from Amex 
specialists. Instead, the Amex anticipates that most orders for Nasdaq 
securities will be sent through the Common Message Switch for routing 
to specialists' posts. Moreover, Amex believes that trading by 
telephone is permissible since it is explicitly contemplated under the 
Plan. Amex also noted that Knight's argument is unfounded because of 
the Nasdaq rule that automatically permits SuperSOES to trade through 
the quotes of Plan participants. Second, the Amex argued that UTP 
specialists will have no informational advantage by slowing the 
execution process, viewing quotation messages, and adjusting their 
quotes and positions accordingly. Amex asserted that Amex UTP 
specialists will not have any additional information that is not also 
available to other Plan participants and Nasdaq market makers. Finally, 
Amex averred that UTP trading will not have a detrimental impact on the 
Firm Quote Rule \18\ and that Knight's assertion otherwise is 
unsupported. Amex stated that any increase in the number of inter-
market locked and crossed markets subsequent to the Commission 
approving the Amex's UTP trading rules would likely be caused by 
Nasdaq's trading rules. Specifically, Amex referenced the Nasdaq 
trading rule that permits trading through of quotes of UTP participants 
that do not use Nasdaq automatic execution systems.
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    \17\ See letter from Michael J. Ryan, Jr., Executive Vice 
President & General Counsel, Amex, to Katz, Secretary, Commission 
(May 21, 2002).
    \18\ 17 CFR 240.11Ac1-1.
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    The Commission also received a comment letter from a Congressional 
panel (``Panel'') on May 30, 2002.\19\ In its comment letter, the Panel 
expressed its concern that the proposal would not be ``consistent with 
the maintenance of fair and orderly markets and the protection of 
investors'' as is required by section 12(f)(2) of the Act.\20\ 
Specifically, the Panel argued that the lack of an automatic execution 
requirement could increase the incidence of ``locked'' and ``crossed'' 
markets. Moreover, the Panel stated that without automatic executions 
the result would be an unequal playing field favoring those market 
participants with the least sophisticated technology. Such 
unsophisticated market participants could gain an advantage by 
monitoring market activity without being subject to automatic 
executions. As discussed above, the Amex substantially addressed the 
Panel's comments in the Amex response to Knight's comment letter.
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    \19\ See letter from Congresswoman Judy Biggert, Congressmen 
Mike Ferguson, Walter B. Jones, Mike Rogers, Ed Royce, and Patrick 
Tiberi to The Honorable Harvey Pitt, Chairman, Commission (May 29, 
2002).
    \20\ 15 U.S.C. 78l(f)(2).
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III. Discussion

    The Commission finds that the proposed rule change, as amended, is 
consistent with the Act and the rules and regulations promulgated 
thereunder applicable to a national securities exchange, and, in 
particular, with the requirements of Section 6(b) \21\ of the Act. 
Specifically, the Commission finds that approval of the proposed rule 
change is consistent with Section 6(b)(5) \22\ of the Act because it is 
designed to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in facilitating 
transactions in securities, and to remove impediments to and perfect 
the mechanism of a free and open market and a national market 
system.\23\
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    \21\ 15 U.S.C. 78f(b). In approving this proposal, the 
Commission has considered the proposed rule's impact on efficiency, 
competition and capital formation. 15 U.S.C. 78c(f).
    \22\ 15 U.S.C. 78f(b)(5).
    \23\ The Amex has informed the Commission that its systems are 
not capable of reporting or clearing transactions in sub pennies. If 
an Amex specialist were to effect a trade in sub pennies, the Amex 
has represented that it will advise specialists to effect the trade 
with the customer at a rounded price. See Information Circular (7/
02). The Commission expects the Amex to address this system 
limitation in the near future.
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    Moreover, the Commission, pursuant to section 19(b)(2) \24\ of the 
Act, finds good cause for approving Amendment Nos. 2 and 3 prior to the 
thirtieth day after the date of publication of notice thereof in the 
Federal Register. The Commission notes that granting accelerated 
approval to Amendment No. 2 will allow the Amex to implement its 
intermarket trade comparison and clearing procedures and commence 
trading of NNM securities on a UTP basis in a timely fashion. In 
addition, Amex discussed the substance of Amendment No. 2 with the Plan 
Participants at meetings of the Operating Committee. The Commission 
notes that granting accelerated approval to Amendment No. 3 will 
harmonize the instant proposal with other Amex proposals that have been 
approved or will be contemporaneously approved.
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    \24\ 15 U.S.C. 78s(b)(2).
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    The Commission has carefully considered all the issues raised by 
the commenters and is not persuaded by their arguments. Knight and the 
Panel essentially argued that accepting automatic execution is a pre-
condition to trading Nasdaq securities pursuant to UTP and the only way 
to comply with the Firm Quote Rule.\25\ In addition, the commenters 
argued that telephone access provides Amex specialists an advantage 
over other Plan participants who are required to accept automatic 
execution. According to Knight, an Amex specialist could ``obtain an 
unfair informational advantage by monitoring the trading and quoting 
activity of Nasdaq issues in the national market system without 
accepting automatic executions like all other market participants 
trading Nasdaq issues.'' \26\
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    \25\ 17 CFR 240.11Ac1-1.
    \26\ See Knight letter page 2.
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    First, participating in Nasdaq's automatic execution facility is 
not a requirement for exchanges to trade Nasdaq issues. The Commission 
has not required competitors to participate in a Nasdaq trading 
facility or required Nasdaq to provide access to its trading facilities 
to its competitors. Each of the UTP participants has independently 
decided whether to participate in Nasdaq's automatic execution 
facility.

[[Page 51612]]

Two of the participants, in addition to the Amex, have chosen not to 
participate--the Philadelphia Stock Exchange, Inc. and the Cincinnati 
Stock Exchange, Inc. Second, providing automatic executions--rather 
than operating an auction market--is not a precondition to competing in 
Nasdaq securities. The very essence of UTP is to permit competition 
among markets and market structures. Requiring one market structure for 
trading Nasdaq securities would defeat this purpose. Third, while 
compliance with the Firm Quote Rule \27\ is easier to monitor in an 
automatic execution environment, the Firm Quote Rule does not require 
market participants to be subject to automatic execution. Indeed, the 
Firm Quote Rule has always applied to exchange trading as well as over-
the-counter trading.
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    \27\ 17 CFR 240.11Ac1-1.
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    The Commission is unconvinced by the assertion of Knight and the 
Panel that Amex specialists will have an informational advantage 
because they will be able to monitor trading and quoting activity of 
Nasdaq securities while not being subject to automatic execution. Amex 
specialists, as well as the specialists of all other Plan participants, 
will be able to see the market for Nasdaq securities. They will have no 
special advantage. As noted above, two other participants have chosen 
not to participate in Nasdaq's automatic execution system. Furthermore, 
Amex specialists must comply with the Firm Quote Rule. If an Amex 
specialist quotes the best bid or offer for a security and receives an 
order, it must fill the order in compliance with the Firm Quote Rule. 
To be sure, it will generally take longer to receive a fill from an 
Amex specialist than it will to receive a fill from a Nasdaq member 
that is subject to automatic execution. This does not, however, make 
trading pursuant to UTP under the Plan impermissible under the Act and 
the rules and regulations thereunder.
    In November of 2001, the Commission approved the most recent 
amendment to the Plan.\28\ Among other things, the 12th Amendment 
extended UTP to all Nasdaq securities, SmallCap as well as NNM. The 
12th Amendment also admitted the Amex as a participant. As has been the 
case since the inception of the Plan, exchange participants are 
required to provide telephone access to Nasdaq market makers. This 
proposed rule change, SR-Amex-2001-106, spells out the rules that an 
Amex specialist must follow if it trades Nasdaq securities on the 
Exchange. The commenters' concerns appear to be with the extension of 
UTP to the regional exchanges and the choice of some of the regional 
exchanges not to participate in Nasdaq's automated execution system. 
The Commission believes that the commenters' concerns are more 
appropriately raised in the context of the approval and amendment 
process of the Plan, rather than in the context of a single Plan 
participant's rules related to trading under the Plan and that are 
consistent with the Plan.
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    \28\ See Securities Exchange Act Release No. 45081 (November 19, 
2001), 66 FR 59273 (November 27, 2001).
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IV. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning Amendment Nos. 2 and 3, including whether the 
amendments are 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 rule change that are 
filed with the Commission, and all written communications relating to 
the proposed rule change 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 
filing will also be available for inspection and copying at the 
principal office of the Amex. All submissions should refer to File No. 
SR-Amex-2001-106 and should be submitted by August 29, 2002.

V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\29\ that the proposed rule change (SR-Amex-2001-106), as amended, 
is hereby approved on an accelerated basis.
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    \29\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\30\
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    \30\ 17 CFR 200.30-2(a)(12).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 02-20068 Filed 8-7-02; 8:45 am]
BILLING CODE 8010-01-P