[Federal Register Volume 68, Number 169 (Tuesday, September 2, 2003)]
[Notices]
[Page 52264]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-22294]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48397; File No. SR-Phlx-2003-15]


Self-Regulatory Organizations; Order Granting Approval of 
Proposed Rule Change and Amendment No. 1 Thereto by the Philadelphia 
Stock Exchange, Inc. Relating to the Prohibition Against Specialists 
Accepting Discretionary Orders on the Limit Order Book

August 22, 2003.
    On March 13, 2003, 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 of 1934 (``Act'') \1\ and Rule 19b-4 thereunder,\2\ a 
proposed rule change to codify the prohibition against specialists 
accepting discretionary orders on the limit order book. On June 5, 
2003, the Phlx amended the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
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    The proposed rule change, as amended, was published for comment in 
the Federal Register on July 17, 2003.\3\ The Commission received no 
comments on the proposal.
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    \3\ See Securities Exchange Act Release No. 48160 (July 17, 
2003), 68 FR 42452.
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    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\ and, in 
particular, the requirements of Section 6 of the Act \5\ and the rules 
and regulations thereunder. The Commission finds specifically that the 
proposed rule change is consistent with Section 6(b)(6) \6\ of the Act 
because it should clarify for Exchange specialists the types of orders 
that they may, and may not, accept onto the limit order book.
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    \4\ In approving this proposed rule change, the Commission 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.
    \6\ 15 U.S.C. 78f(b)(6).
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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-2003-15) be, and it 
hereby 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. 03-22294 Filed 8-29-03; 8:45 am]
BILLING CODE 8010-01-P