[Federal Register Volume 67, Number 233 (Wednesday, December 4, 2002)]
[Notices]
[Pages 72262-72263]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 02-30669]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-46902; File No. SR-PCX-2002-63]


Self-Regulatory Organizations; Order Granting Approval of 
Proposed Rule Change by the Pacific Exchange, Inc., To Amend Its 
Clearly Erroneous Policy

November 25, 2002.
    On September 23, 2002, the Pacific Exchange, Inc. (``PCX''), 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

[[Page 72263]]

thereunder, \2\ a proposed rule change relating to its ``Clearly 
Erroneous Policy.'' Notice of the proposed rule change was published 
for comment in the Federal Register on October 22, 2002.\3\ No comments 
were received on 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. 46661 (October 15, 
2002), 67 FR 64950.
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    The PCX, through its wholly owned subsidiary PCX Equities, Inc. 
(``PCXE''), proposes to amend PCXE Rule 7.11(d) to confer authority on 
a PCXE officer designated by PCXE who, in addition to the Chief 
Executive Officer and President, may nullify transactions or modify 
their terms arising out of any disruption or malfunction in the 
Archipelago Exchange trading system, the equities trading facility of 
PCXE. The rule change also adds conforming language to PCXE Rule 10.13 
regarding appeals from such decisions.
    The Commission finds that the proposed rule change is consistent 
with the requirements of the Act and the rules and regulations 
thereunder applicable to a national securities exchange.\4\ 
Specifically, the Commission believes that the proposal is consistent 
with section 6(b)(5) of the Act,\5\ which requires, among other things, 
that the rules of an exchange be designed to promote just and equitable 
principles of trade, to foster cooperation and coordination with 
persons engaged in facilitating transactions in securities, to remove 
impediments to and perfect the mechanism of a free and open market, and 
to protect investors and the public interest.
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    \4\ In approving this proposal, the Commission has considered 
the proposed rule's impact on efficiency, competition, and capital 
formation. 15 U.S.C. 78(c)(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 (File No. SR-PCX-2002-63) be, and 
it hereby 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. 02-30669 Filed 12-3-02; 8:45 am]
BILLING CODE 8010-01-P