[Federal Register Volume 69, Number 45 (Monday, March 8, 2004)]
[Notices]
[Page 10774]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 04-5052]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-49346; File No. SR-BSE-2003-31]


Self-Regulatory Organizations; Boston Stock Exchange, 
Incorporated; Order Granting Approval of Proposed Rule Change to Extend 
Trading Hours From 8 a.m. Until 9:28 a.m., and From 4:16 p.m. Until 
6:30 p.m. to Allow for the Execution of Matched Orders Only

March 1, 2004.
    On December 22, 2003, the Boston Stock Exchange, Incorporated 
(``BSE'' 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 provide for the execution of 
matched orders, specifically designated and submitted with a contra 
order matched in price and size, outside of the regular 9:30 a.m. to 4 
p.m. Primary Session, and the 4:01 p.m. to 4:15 p.m. Post Primary 
Session.\3\ The proposed rule change was published for comment in the 
Federal Register on January 28, 2004.\4\ The Commission received no 
comments on the proposal. This order approves the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ All times listed herein are Eastern time.
    \4\ See Securities Exchange Act Release No. 49117 (January 22, 
2004), 69 FR 4186.
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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,\5\ and in 
particular, the requirements of Section 6(b)(5) of the Act \6\ and the 
rules and regulations thereunder. The Commission believes that 
extending trading hours from 8 a.m. until 9:28 a.m., and from 4:16 p.m. 
until 6:30 p.m. to allow for the execution of matched orders, 
specifically designated and submitted with a contra order matched 
exactly as to security, size, price, and time of entry, is reasonably 
designed to promote just and equitable principles of trade, 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 notes that the Exchange shall designate 
trades executed and reported outside of the Primary Session as .T 
trades. Further, the Commission notes that the Exchange shall not 
permit its members to accept any orders for execution outside of the 
Primary Session without making certain customer disclosures, and shall 
retain any orders, not specifically designated for execution outside 
the Primary Session, for entry into the Primary Session upon execution 
eligibility at 9:30 a.m.
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    \5\ 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).
    \6\ 15 U.S.C. 78f(b)(5).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-BSE-2003-31) 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. 04-5052 Filed 3-5-04; 8:45 am]
BILLING CODE 8010-01-P