[Federal Register Volume 68, Number 179 (Tuesday, September 16, 2003)]
[Notices]
[Page 54250]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-23548]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48462; File No. SR-Amex-2003-47]


Self-Regulatory Organizations; Order Granting Approval to 
Proposed Rule Change by the American Stock Exchange LLC To Amend 
Commentary .02 of Amex Rule 126(g) To Restrict the Crossing of Agency 
Orders of 5,000 Shares or More to Orders for the Accounts of Persons 
Who Are Not Brokers or Dealers

September 9, 2003.
    On May 19, 2003, the American Stock Exchange LLC (``Amex'') 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 amend 
Commentary .02 to Amex Rule 126(g) (``Special Rules'' under 
``Precedence of Bids and Offers'') to restrict the crossing of agency 
orders of 5,000 shares or more to orders for the accounts of persons 
who are not brokers or dealers. The proposed rule change was published 
for comment in the Federal Register on August 5, 2003.\3\ The 
Commission received no comments on the proposal.
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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. 48244 (July 29, 
2003), 68 FR 46254.
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    After careful review, 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 finds that the proposal is consistent with 
section 6(b)(5) of the Act,\5\ which requires, among other things, that 
the Amex's rules be designed to prevent fraudulent and manipulative 
acts and practices, to promote just and equitable principles of trade, 
to foster cooperation and coordination with persons engaged in 
regulating, clearing, settling, processing information with respect to, 
and facilitating transactions in securities, to remove impediments to 
and perfect the mechanism of a free and open market and a national 
market system, and, in general, to protect investors and the public 
interest. The Commission believes that the Amex's proposal to restrict 
the crossing of agency orders of 5,000 shares or more to orders for the 
accounts of persons who are not brokers or dealers appears to be 
reasonably designed to facilitate the efficient crossing of public 
customer orders on the Exchange.
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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. 78c(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-Amex-2003-47) 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).

Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 03-23548 Filed 9-15-03; 8:45 am]
BILLING CODE 8010-01-P