[Federal Register Volume 69, Number 29 (Thursday, February 12, 2004)]
[Notices]
[Pages 7029-7030]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-3022]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-49198; File No. 4-429]


Joint Industry Plan; Notice of Filing and Immediate Effectiveness 
of Amendment to the Options Intermarket Linkage Plan To Add Boston 
Stock Exchange, Inc., as a Participant

February 5, 2004.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 11Aa3-2 thereunder,\2\ notice is hereby 
given that on February 5, 2004, the Boston Stock Exchange, Inc. 
(``BSE'') submitted to the Securities and Exchange Commission 
(``Commission'') an amendment to the Options Intermarket Linkage Plan 
(``Linkage Plan'').\3\ The amendment proposes to add the BSE as a 
Participant \4\ to the Linkage Plan. The Commission is publishing this 
notice to solicit comments from interested persons on the proposed 
Linkage Plan amendment.
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    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 240.11Aa3-2.
    \3\ On July 28, 2000, the Commission approved the Linkage Plan, 
which was proposed by the American Stock Exchange LLC (``Amex''), 
the Chicago Board Options Exchange, Inc. (``CBOE'') and the 
International Securities Exchange LLC (``ISE''). See Securities 
Exchange Act Release No. 43086 (July 28, 2000), 65 FR 48023 (August 
4, 2000). Subsequently, on September 20, 2000, the Philadelphia 
Stock Exchange, Inc. (``Phlx'') and the Pacific Exchange, Inc. 
(``PCX'') were added as participants in the Linkage Plan. See 
Securities Exchange Act Release Nos. 43311, 65 FR 58584 (September 
29, 2000) and 43310, 65 FR 58583 (September 29, 2000) (temporary 
approval orders); see also Securities Exchange Act Release Nos. 
43573 (November 16, 2000), 65 FR 70851 (November 28, 2000) and 43574 
(November 16, 2000), 65 FR 70850 (November 28, 2000) (final approval 
orders).
    \4\ The term ``Participant'' is defined as an Eligible Exchange 
whose participation has become effective pursuant to Section 4(c) of 
the Linkage Plan.
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I. Description and Purpose of the Amendment

    The current Participants in the Linkage Plan are Amex, CBOE, ISE, 
Phlx, and PCX. The proposed amendment to the Linkage Plan would add the 
BSE as a Participant in the Linkage Plan. The BSE has submitted a 
signed copy of the Linkage Plan to the Commission in accordance with 
the procedures set forth in the Linkage Plan regarding new 
Participants. Section 4(c) of the Linkage Plan provides for the 
admission of new Participants.

[[Page 7030]]

Specifically an Eligible Exchange \5\ may become a Participant in the 
Linkage Plan by: (i) Executing a copy of the Linkage Plan, as then in 
effect; (ii) providing each current Participant with a copy of such 
executed Linkage Plan, (iii) effecting an amendment to the Linkage 
Plan, as specified in Section 5(c)(ii) of the Linkage Plan; and (iv) 
paying the applicable new Participant fee.\6\
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    \5\ The Linkage Plan defines an ``Eligible Exchange'' as a 
national securities exchange registered with the Commission pursuant 
to Section 6(a) of the Act, 15 U.S.C. 78f(a), that is (a) a 
``Participant Exchange'' in the Options Clearing Corporation 
(``OCC'') (as defined in OCC By-laws, Section VII) and (b) a party 
to the Options Price Reporting Authority (``OPRA'') Plan (as defined 
in the OPRA Plan, Section 1). The Commission has granted BSE an 
exemption from satisfying the requirements to be a Participant 
Exchange in OCC and a party to OPRA to be considered an Eligible 
Exchange. See Letter from Robert L.D. Colby, Deputy Director, 
Division of Market Regulation, Commission, to George W. Mann, Jr., 
Executive Vice President and General Counsel, BSE, dated February 4, 
2004 (``Exemption Letter'').
    \6\ The Commission has granted BSE a temporary exemption from 
the new Participant fee requirement. See Exemption Letter.
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    Section 5(c)(ii) of the Linkage Plan puts forth the process by 
which an Eligible Exchange may effect an amendment to the Linkage Plan. 
Specifically, an Eligible Exchange must: (a) execute a copy of the 
Linkage Plan with the only change being the addition of the new 
participant's name in Section 4(a) of the Linkage Plan, (b) submit the 
executed Linkage Plan to the Commission, (c) and pay the then current 
new participant fee.\7\ The Linkage Plan then provides that such an 
amendment will be effective at the later of either the amendment being 
approved by the Commission or otherwise becoming effective pursuant to 
Section 11A of the Act and the payment of the new Participant fee.
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    \7\ Id.
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II. Effectiveness of the Proposed Linkage Plan Amendment

    The foregoing proposed Linkage Plan amendment has become effective 
pursuant to Rule 11Aa3-2(c)(3)(iii) \8\ because it involves solely 
technical or ministerial matters. At any time within sixty days of the 
filing of this amendment, the Commission may summarily abrogate the 
amendment and require that it be refiled pursuant to paragraphs (b)(1) 
and (c)(2) of Rule 11Aa3-2,\9\ if it appears to the Commission that 
such action is necessary or appropriate in the public interest, for the 
protection of investors or the maintenance of fair and orderly markets, 
to remove impediments to, and perfect the mechanisms of, a national 
market system, or otherwise in furtherance of the purposes of the Act.
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    \8\ 17 CFR 240.11Aa3-2(c)(3)(iii).
    \9\ 17 CFR 240.11Aa3-2(b)(1) and (c)(2).
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III. Solicitation of Comments

    Interested persons are invited to submit written data, views and 
arguments concerning the foregoing, including whether the proposed 
amendment is 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. Comments may also be submitted electronically at the 
following e-mail address: [email protected]. All comment letters 
should refer to File No. 4-429. This file number should be included on 
the subject line if e-mail is used. To help the Commission process and 
review your comments more efficiently, comments should be sent in hard 
copy or by e-mail but not by both methods. Copies of the submission, 
all subsequent amendments, all written statements with respect to the 
proposed amendment that are filed with the Commission, and all written 
communications relating to the proposed amendment 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 BSE. All submissions 
should refer to File No. 4-429 and should be submitted by March 15, 
2004. 

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\10\
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    \10\ 17 CFR 200.30-3(a)(29).
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Margaret H. McFarland,
Deputy Secretary.
[FR Doc. 04-3022 Filed 2-11-04; 8:45 am]
BILLING CODE 8010-01-P