[Federal Register Volume 68, Number 247 (Wednesday, December 24, 2003)]
[Notices]
[Page 74690]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 03-31642]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-48934; File No. SR-PCX-2003-54]


Self Regulatory Organizations; Pacific Exchange, Inc.; Order 
Granting Accelerated Approval to Proposed Rule Change To Amend PCXE 
Rule 7.37(d) Relating To Routing Orders Away

December 16, 2003.
    On September 25, 2003, the Pacific Exchange, Inc. (``PCX'' 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 amend PCXE Rule 7.37(d) to clarify the process 
by which orders are routed outside the Archipelago Exchange Facility 
(``ArcaEx'') to away market centers or market participants. The 
proposed rule change was published for comment in the Federal Register 
on November 19, 2003.\3\ The Commission received no comment letters 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. 48768 (November 10, 
2003), 68 FR 65338.
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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 and, 
particularly, section 6(b)(5) of the Act.\4\ The Commission believes 
that the PCX's clarification of the process by which orders are routed 
outside ArcaEx to away market centers or market participants under PCXE 
Rule 7.37(d) would foster cooperation and coordination with persons 
engaged in regulating, clearing, settling and facilitating transactions 
in securities.
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    \4\ 15 U.S.C. 78f(b)(5).
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    Furthermore, the Commission finds good cause for approving the 
proposed rule change prior to the thirtieth day after notice of the 
publication in the Federal Register. The proposal does not seek to 
change the process by which ArcaEx routes orders to away market centers 
or market participants under PCXE Rule 7.37(d), but rather to clarify 
the existing process. The Commission believes that acceleration of this 
proposal would assist ArcaEx participants to better understand how 
ArcaEx may route their orders to away market centers or market 
participants under PCXE Rule 7.37(d) in a more timely manner. 
Accordingly, the Commission finds good cause, consistent with section 
19(b)(2) of the Act,\5\ to approve the proposed rule change on an 
accelerated basis.\6\
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    \5\ 15 U.S.C. 78s(b)(2).
    \6\ In approving this proposed rule change, the Commission has 
considered its impact on efficiency, competition, and capital 
formation. 15 U.S.C. 78c(f).
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    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\7\ that the proposed rule change (File No. SR-PCX-2003-54) is 
approved on an accelerated basis.
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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. 03-31642 Filed 12-23-03; 8:45 am]
BILLING CODE 8010-01-P