[Federal Register Volume 69, Number 204 (Friday, October 22, 2004)]
[Notices]
[Pages 62107-62110]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E4-2799]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-50549; File No. SR-PCX-2004- 87]


Self-Regulatory Organizations; Notice of Filing and Immediate 
Effectiveness of Proposed Rule Change by the Pacific Exchange, Inc., 
Relating to Trades Resulting From Obvious Error

October 15, 2004.
    Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 
(``Act'')\1\ and Rule 19b-4 thereunder,\2\ notice is hereby given that 
on September 21, 2004, the Pacific Exchange, Inc. (``PCX'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in Items I and 
II below, which Items have been prepared by the Exchange. The proposed 
rule change has been filed by the PCX as a ``non-controversial'' rule 
change pursuant to Section 19(b)(3)(A) of the Act \3\ and Rule 19b-
4(f)(6) thereunder.\4\ The Commission is publishing this notice to 
solicit comments on the proposed rule change from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ 15 U.S.C. 78s(b)(3)(A).
    \4\ 17 CFR 240.19b-4(f)(6).
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    PCX proposes to amend its rules pertaining to trade nullification 
and price adjustment procedures. Additions are italicized. Deletions 
are bracketed.
* * * * *
Rule 6.87 (g) Trade Nullification and Price Adjustment Procedures
    The Exchange shall either bust a transaction or adjust the 
execution price of a transaction that results from an Obvious Error as 
provided in this Rule.
    (1) Definition of Obvious Error. For purposes of this Rule only, an 
Obvious Error will be deemed to have occurred when the execution price 
of a transaction is higher or lower than the Theoretical Price for the 
series by an amount equal to at least the amount shown below:

Theoretical Price Minimum Amount

    Below $2: .25
    $2 to $5: .40
    Above $5 to $10: .50
    Above $10 to $20: .80
    Above $20: 1.00

    (2) Definition of Theoretical Price. For purposes of this Rule 
only, the Theoretical Price of an option is:
    (A) if the series is traded on at least one other options exchange, 
the last bid price with respect to an erroneous sell transaction and 
the last offer price with respect to an erroneous buy transaction, just 
prior to the trade, disseminated by the competing options exchange that 
has the most liquidity in that option; or
    (B) if there are not quotes for comparison purposes, as determined 
by designated personnel of the Exchange.
    (3) Obvious Error Procedure. The Exchange shall administer the 
application of this Rule as follows.
    (A) Notification. If a Market Maker on the Exchange believes that 
it participated in a transaction that was the result of an Obvious 
Error, it must notify the Exchange within five (5) minutes of the 
execution. If an OTP Holder or OTP Firm not serving as a Market Maker 
on the Exchange believes that an order it executed on the Exchange was 
the result of an Obvious Error, it must notify the Exchange within 
twenty (20) minutes of the execution. Absent unusual circumstances, the 
Exchange will not grant relief under this Rule unless notification is 
made within the prescribed time periods.
    (B) Adjust or Bust. The Exchange will determine whether there was 
an Obvious Error as defined above. If it is determined that an Obvious 
Error has occurred, the Exchange shall take one of the following 
actions listed below. Upon taking final action, the Exchange shall 
promptly notify both parties to the trade.
    (i) Where each party to the transaction is a Market Maker on the 
Exchange, the execution price of the transaction will be adjusted by 
the Exchange to the prices provided in paragraphs (aa) and (bb) below 
unless both parties agree to adjust the transaction to a different 
price or agree to bust the trade within ten (10) minutes of being 
notified by the Exchange of the Obvious Error.
    (aa) Erroneous buy transactions will be adjusted to their 
Theoretical Price: plus $.15 if the Theoretical Price is under $3 and 
plus $.30 if the Theoretical Price is at or above $3.
    (bb) Erroneous sell transactions will be adjusted to their 
Theoretical Price: minus $.15 if the Theoretical Price is under $3 and 
minus $.30 if the Theoretical Price is at or above $3.
    (ii) Where at least one party to the Obvious Error is not a Market 
Maker on the Exchange, the trade will be busted by the Exchange unless 
both parties agree to an adjustment price for the transaction within 
thirty (30) minutes of being notified by the Exchange of the Obvious 
Error.\5\
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    \5\ With the Exchange's consent, the Commission has made 
technical corrections to the text of the proposed rule change. 
Telephone conversation between Mai Shiver, Director and Senior 
Counsel, PCX, and Susie Cho, Special Counsel, and Frank Genco, 
Special Counsel, Division of Market Regulation (``Division''), 
Commission, on October 14, 2004.
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    [(1) Mutual Agreement: The determination as to whether an Auto-Ex 
trade was executed at an erroneous price may be made by mutual 
agreement of the affected parties to a particular transaction. A trade 
may be nullified or adjusted on the terms that all parties to a 
particular transaction agree. In the absence of mutual agreement by the 
parties, a particular trade may only be nullified or adjusted when the 
transaction results from an Obvious Error as provided in this Rule.
    (2) Obvious Error Subject to Trade Nullification or Price 
Adjustment: Absent mutual agreement as provided in Rule 6.87(g)(1), 
parties to a trade may have a trade nullified or its price adjusted if: 
(i) any such party makes a documented request within the time specified 
in Rule 6.87(g)(3); and (ii) one of the conditions below is met:
    A. The trade resulted from a verifiable disruption or malfunction 
of an Exchange execution, dissemination, or communication system that 
caused a quote/order to trade in excess of its disseminated size (e.g., 
a quote/order that is frozen, because of an Exchange system error, and 
repeatedly traded) in which case trades in excess of the disseminated 
size may be nullified; or
    B. The trade resulted from a verifiable disruption or malfunction 
of an Exchange dissemination or communication system that prevented a 
member from updating or canceling a quote/order for which the OTP 
Holder is responsible where there is Exchange documentation providing 
that the OTP Holder sought to update or cancel the quote/order; or
    C. The trade resulted from an erroneous print disseminated by the 
underlying market which is later cancelled or corrected by the 
underlying

[[Page 62108]]

market where such erroneous print resulted in a trade higher or lower 
than the average trade in the underlying security during the time 
period encompassing two minutes before and after the erroneous print, 
by an amount at least five times greater than the average quote width 
for such underlying security during the time period encompassing two 
minutes before and after the erroneous print. For purposes of this 
Rule, the average trade in the underlying security shall be determined 
by adding the prices of each trade during the four minute time period 
referenced above (excluding the trade in question) and dividing by the 
number of trades during such time period (excluding the trade in 
question); or
    D. The trade resulted from an erroneous quote in the Primary Market 
(as defined in Rule 6.1(b)(27)) for the underlying security that has a 
width of at least $1.00 and that width is at least five times greater 
than the average quote width for such underlying security during the 
time period encompassing two minutes before and after the dissemination 
of such quote. For the purposes of this rule, the average quote width 
shall be determined by adding the quote widths of each separate quote 
during the four minute time period referenced above (excluding the 
quote in question) and dividing by the number of quotes during such 
time period (excluding the quote in question); or
    E. The execution price of the trade is higher or lower than the 
mid-point of the Best Bid and Offer (among all of the exchanges other 
than the PCX) by an amount equal to at least the bid/ask spread 
provided in Rule 6.37(b)(1). The bid/ask spread set forth in Rule 
6.37(b)(1) will also apply to LEAPS and options subject to unusual 
market conditions. In the event the bid/ask spread in the underlying is 
greater than the bid/ask spread set forth in Rule 6.37(b)(1), the 
Exchange will apply the bid/ask spread differential set forth in Rule 
6.37(b)(3).
    F. The trade resulted in an execution price in a series quoted no 
bid and at least one strike price below (for calls) or above (for puts) 
in the same class were quoted no bid at the time of the erroneous 
execution.
    G. The trade is automatically executed at a price where the OTP 
Holder sells $0.10 or more below parity. Parity describes an option 
contract's total premium when that premium is equal to its intrinsic 
value. Parity for calls is measured by reference to the offer price of 
the underlying security in the Primary Market at the time of the 
transaction minus the strike price for the call. Parity for puts is 
measured by reference to the strike price for the put minus the bid 
price of the underlying security in the Primary Market at the time of 
the transaction.
    (3) Obvious Error Procedure. Two Trading Officials will administer 
the application of this Rule as follows:
    A. Notification. If an OTP Holder believes that it participated in 
a transaction that was the result of an Obvious Error, it must notify 
two Trading Officials within five (5) minutes of the execution. If an 
Order Entry Firm representing a public customer believes an order it 
executed on the Exchange was the result of an Obvious Error, it must 
notify the Exchange within twenty (20) minutes of the execution. Absent 
unusual circumstances, two Trading Officials will not grant relief 
under this Rule unless notification is made within the prescribed time 
periods.
    B. Adjust or Nullify. Two Trading Officials will determine whether 
the execution is subject to a trade nullification or price adjustment. 
If two Trading Officials determine that one of the conditions of Rule 
6.87(g)(2) has been met and that the complaining party has timely 
documented a request for relief, then a trade will be adjusted or 
nullified as follows:
    (1) Where each party to the transaction is a Market Maker on the 
Exchange, or the trade involves a limit order that may be adjusted to 
its limit, the Exchange will adjust the execution price of the 
transaction within ten (10) minutes of two Trading Officials making 
such determination. In such case, the adjusted price will be the last 
bid (offer) price, just prior to the trade, from the exchange providing 
the highest total contract volume in the option for the previous sixty 
(60) days with respect to an erroneous bid (offer) entered on the 
Exchange. If there is no quote for comparison purposes, then the 
adjusted price of an option will be determined by two Trading 
Officials; or
    (2) Where at least one party to the transaction is not a Market 
Maker on the Exchange or where the trade does not involve a limit order 
that may be adjusted to its limit, the Exchange will nullify the 
transaction within ten (10) minutes of two Trading Officials making 
such determination.
    (3) Upon taking final action, the two Trading Officials will 
promptly notify both parties to the trade.]

Commentary:

    [.01 In no case will the two Trading Officials involved in an 
obvious error determination include a person related to a party to the 
trade in question.]
    .01 [02] All determinations made by the [two Trading Officials] 
Exchange under subsection [(g)(2)] (g)(3) will be rendered without 
prejudice as to the rights of the parties to the transaction to submit 
a dispute to arbitration.
    .02 [.03] Nothing in this rule prevents a potentially aggrieved 
party from appealing the decision of [two Trading Officials] the 
Exchange pursuant to Rule [11] 10.14 of the Exchange rules.
    .03 When the Exchange determines that an Obvious Error has occurred 
and action is warranted under Rule 6.87(g)(3)(B) above, the identity of 
the parties to the trade will be disclosed to each other in order to 
encourage conflict resolution.\6\
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    \6\ With the Exchange's consent, the Commission has made 
technical corrections to the text of the proposed rule change. 
Telephone conversation between Mai Sharif Shiver, Director/Senior 
Counsel, PCX, and Susie Cho, Special Counsel, Division, Commission, 
on October 12, 2004.
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    .04 Buyers of options with a zero bid and $.05 offer (i.e., a 
Theoretical Price of $.05) may request that their execution be busted 
if at least the two strikes below (for calls) or above (for puts) in 
the same options class were quoted with a zero bid and $.05 offer at 
the time of the execution. Such buyers must follow the procedures of 
Rule 6.87(g)(3) above.
    .05 For purposes of Rule 6.87 (g)(2)(A), the competing options 
exchange with the most liquidity will be the options exchange that had 
the highest total contract volume in the options class for the previous 
two months (e.g., if an obvious error occurs on March 9, the total 
contract volume from January 8 to March 9 will be used).
    .06 For purposes of Rule 6.87(g)(3)(B), an ``erroneous sell 
transaction'' is one in which the price received by the person selling 
the option is erroneously low, and an ``erroneous buy transaction'' is 
one in which the price paid by the person purchasing the option is 
erroneously high.
* * * * *
    Rule 10.14(a). General Provisions. This Rule provides the procedure 
for persons aggrieved by any of the following actions taken by the 
Exchange to apply for an opportunity to be heard and to have the action 
reviewed. These actions are:
    (1)-(4)--No change.
    (5) actions taken pursuant to Rules 6.37, 6.82(f), [and] 6.82(g), 
and 6.87; or
    (6)--No change.
* * * * *

Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

    In its filing with the Commission, the Exchange included statements

[[Page 62109]]

concerning the purpose of and basis for the proposed rule change and 
discussed any comments it received on the proposed rule change. The 
text of these statements may be examined at the places specified in 
Item IV below. The Exchange has prepared summaries, set forth in 
Sections A, B, and C below, of the most significant parts of such 
statements.

A. Self-Regulatory Organization's Statement of the Purpose of, and 
Statutory Basis for, the Proposed Rule Change

1. Purpose
    In 2003, the Commission approved a proposal by the Exchange to 
adopt PCX Rule 6.87(g), which delineated (1) the circumstances under 
which an error would be subject to a trade adjustment or nullification, 
and (2) the procedures that the Exchange would follow in order to 
effect such adjustments and nullifications.\7\ Because OTP Holders and 
OTP Firms operating on the Exchange also serve as members of other 
national options exchanges, and because other options exchanges have 
moved towards rule simplification in order to eliminate uncertainty in 
the event of an error, the Exchange believes it would be advantageous 
to adopt a simplified procedure whereby OTP Holders and OTP Firms would 
have the ability to rely on a uniform standard for evaluating their 
response to a transaction that qualifies as an obvious error. The 
Exchange has consulted with its OTP Holders and OTP Firms and 
determined that the structure adopted by the International Stock 
Exchange, Inc. (``ISE'') pursuant to ISE Rule 720 for obvious error 
resolution provides a sound, simplified procedure. As a result, the 
Exchange seeks to amend its Rule 6.87(g) to make it substantially 
identical to ISE's provisions.
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    \7\ See Securities Exchange Act Release No. 48538 (September 25, 
2003), 68 FR 56858 (October 2, 2003) (approving File No. PCX-2002-
01).
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    Currently, Exchange Rule 6.87(g) provides that, absent mutual 
agreement, parties to a trade may have a trade nullified or its price 
adjusted if: (1) The trade resulted from a verifiable disruption or 
malfunction of an Exchange system that caused trades in excess of the 
disseminated size; (2) the trade resulted from a verifiable disruption 
or malfunction of an Exchange system that prevented an OTP Holder or 
OTP Firm from updating or canceling a quote/order for which the OTP 
Holder or OTP Firm is responsible; (3) the trade resulted from an 
erroneous print disseminated by the underlying market which is later 
cancelled or corrected by the underlying market; (4) the trade resulted 
from an erroneous quote in the Primary Market for the underlying 
security (under specified conditions); (5) the execution price of the 
trade is higher or lower than the mid-point of the best bid and offer 
by an amount equal to at least the bid/ask spread; (6) the trade 
resulted in an execution price in a series quoted no bid and at least 
one strike price below (for calls) or above (for puts) in the same 
class were quoted no bid at the time of the erroneous execution; or (7) 
the trade is automatically executed at a price where the market maker 
sells $0.10 or more below parity.
    As proposed, the amended PCX Rule 6.87(g) would provide that the 
Exchange \8\ shall either bust a transaction or adjust the execution 
price of a transaction only when the execution price of a transaction 
is higher or lower than a theoretical price for the series by an amount 
equal to at least the amount shown below:
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    \8\ The Exchange represents that, for purposes of PCX Rule 
6.87(g) and its associated Commentaries, references to the Exchange 
and Exchange personnel shall mean senior operations personnel in the 
Exchange's Department of Options Operations. Telephone conversation 
between Mai Sharif Shiver, Director/Senior Counsel, PCX, and Susie 
Cho, Special Counsel, and Frank Genco, Special Counsel, Division, 
Commission, on October 12, 2004.

------------------------------------------------------------------------
                                                                Minimum
                      Theoretical price                          amount
------------------------------------------------------------------------
Below $2.....................................................        .25
$2 to $5.....................................................        .40
Above $5 to $10..............................................        .50
Above $10 to $20.............................................        .80
Above $20....................................................       1.00
------------------------------------------------------------------------

    For purposes of PCX Rule 6.87(g), the theoretical price of an 
option would be the last bid price with respect to an erroneous sell 
transaction and the last offer price with respect to an erroneous buy 
transaction, just prior to the trade, disseminated by the competing 
options exchange that has the most liquidity in that option 
(``Theoretical Price''). If there are no quotes for comparison 
purposes, the Theoretical Price would be determined by designated 
personnel of the Exchange.
    The Exchange also proposes to modify the procedure it uses to 
adjust or nullify an execution that occurred as a result of an obvious 
error. The Exchange proposes that the administration and application of 
the obvious error procedure be handled by the Exchange itself, rather 
than by two trading officials. The Exchange also seeks to modify its 
adjust or nullify rules to eliminate most of the nuances between PCX 
Rule 6.87(g) and ISE Rule 720. Specifically, the Exchange's current 
rules provide that the execution price of a trade would be adjusted if 
the transaction is between market makers or if it involves a limit 
order that may be adjusted to its limit. In such case, the trade would 
be adjusted to the last bid or offer from the exchange providing the 
highest total contract volume in the option for the previous 60 days 
with respect to the erroneous bid or offer entered on the Exchange. The 
Exchange's current rules also provide that where a party to a 
transaction is not a market maker on the Exchange or where the trade 
involves a limit order that may be adjusted to its limit, the Exchange 
would nullify the transaction.
    The Exchange proposes to adopt the following procedure instead:
    Notification: If a market maker on the Exchange believes that it 
participated in a transaction that was the result of an obvious error, 
it must notify the Exchange within five (5) minutes of the execution. 
If an OTP Holder or OTP Firm not serving as a market maker on the 
Exchange believes that an order it executed on the Exchange was the 
result of an obvious error, it must notify the Exchange within twenty 
(20) minutes of the execution. Absent unusual circumstances, the 
Exchange would not grant relief under this rule unless notification is 
made within the prescribed time periods.
    Adjust or Bust: If it is determined that an obvious error has 
occurred, the Exchange would take one of the following actions listed 
below. Upon taking final action, the Exchange would promptly notify 
both parties to the trade. Where each party to the transaction is a 
market maker on the Exchange, the execution price of the transaction 
would be adjusted by the Exchange unless both parties agree to bust the 
trade within ten (10) minutes of being notified by the Exchange of the 
obvious error. Erroneous buy transactions would be adjusted to their 
Theoretical Price plus $.15 if the Theoretical price is under $3, or 
plus $.30 if the Theoretical Price is at or above $3. Erroneous sell 
transactions would be adjusted to their Theoretical Price minus $.15 if 
the Theoretical Price is under $3, or minus $.30 if the Theoretical 
Price is at or above $3. Where at least one party to the obvious error 
is not a market maker on the Exchange, the trade would be busted by the 
Exchange unless both parties agree to an adjustment price for the 
transaction within thirty (30) minutes of being notified by the 
Exchange of the obvious error.
    The Exchange further seeks to renumber its Commentary provisions to

[[Page 62110]]

PCX Rule 6.87 and add new ones that relate to: (1) Disclosing the 
identity of parties to an obvious error transaction (Commentary .03 to 
PCX Rule 6.87); (2) inclusion of options with zero bid and offered at a 
nickel (Commentary .03 to PCX Rule 6.87--modified from the Exchange's 
existing Rule 6.87(g)(2)(F)--relating to no bid erroneous executions); 
(3) defining the options exchange providing the most liquidity 
(Commentary .05 to PCX Rule 6.87); and (4) defining erroneous sell 
transactions and erroneous buy transactions (Commentary .06 to PCX Rule 
6.87). The Exchange also seeks to add a cross reference to its hearing 
and review rule, PCX Rule 10.14(a)(5), to include PCX Rule 6.87 as a 
rule from which a potentially aggrieved party may appeal a decision 
under PCX Rule 10.14.
2. Statutory Basis
     The Exchange believes that the proposed rule change is consistent 
with Section 6(b) of the Act,\9\ in general, and Section 6(b)(5) of the 
Act,\10\ in particular, because it is designed to promote just and 
equitable principles of trade, to prevent fraudulent and manipulative 
acts and practices, and to protect investors and the public interest.
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    \9\ 15 U.S.C. 78f(b).
    \10\ 15 U.S.C. 78f(b)(5).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    The Exchange does not believe that the proposed rule change will 
impose any significant burden on competition.

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received From Members, Participants, or Others

    Written comments were neither solicited nor received with respect 
to the proposed rule change.

III. Date of Effectiveness of the Proposed Rule Change and Timing for 
Commission Action

    The foregoing proposed rule change (1) does not significantly 
affect the protection of investors or the public interest; (2) does not 
impose any significant burden on competition; and (3) by its terms, 
does not become operative until 30 days from the date on which it was 
filed, or such shorter time as the Commission may designate if 
consistent with the protection of investors and the public interest. 
Furthermore, the Exchange provided the Commission with written notice 
of its intent to file the proposed rule change, along with a brief 
description and text of the proposed rule change, at least five 
business days prior to the date of filing of the proposed rule change. 
Consequently, the proposed rule change has become effective pursuant to 
Section 19(b)(3)(A) of the Act \11\ and Rule 19b-4(f)(6) 
thereunder.\12\
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    \11\ 15 U.S.C. 78s(b)(3)(A).
    \12\ 17 CFR 240.19b-4(f)(6).
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    The PCX has requested that the Commission waive the 30-day 
operative delay. The Commission believes that waiving the 30-day 
operative delay is consistent with the protection of investors and the 
public interest. The Commission believes that waiver of the 30-day 
operative delay would enable the Exchange to implement the proposal as 
quickly as possible. In addition, the Commission notes that the 
proposal to amend the PCX obvious error rule is substantially identical 
to ISE Rule 720. Thus, the Commission does not believe that the 
proposed rule change raises any new regulatory issues.\13\ For these 
reasons, the Commission designates the proposal to be effective and 
operative upon filing with the Commission.\14\
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    \13\ See Securities Exchange Act Release No. 48097 (June 26, 
2003), 68 FR 39604 (July 2, 2003) (amending ISE obvious error rule).
    \14\ For purposes only of accelerating the operative date of 
this proposal, the Commission has considered the proposed rule's 
impact on efficiency, competition, and capital formation. 15 U.S.C. 
78c(f).
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    At any time within 60 days of the filing of this proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (http://www.sec.gov/rules/sro.shtml); or
     Send an e-mail to [email protected]. Please include 
File Number SR-PCX-2004-87 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 450 Fifth Street, NW., 
Washington, DC 20549-0609.
    All submissions should refer to File Number SR-PCX-2004-87. 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, please use only one method. The Commission will post all 
comments on the Commission's Internet Web site (http://www.sec.gov/rules/sro.shtml). Copies of the submission, all subsequent amendments, 
all written statements with respect to the proposed rule change that 
are filed with the Commission, and all written communications relating 
to the proposed rule change 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 Section, 450 Fifth 
Street, NW., Washington, DC 20549. Copies of such filing also will be 
available for inspection and copying at the principal office of PCX. 
All comments received will be posted without change; the Commission 
does not edit personal identifying information from submissions. You 
should submit only information that you wish to make available 
publicly. All submissions should refer to File Number SR-PCX-2004-87 
and should be submitted on or before November 12, 2004.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\15\
Jill M. Peterson,
Assistant Secretary.
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    \15\ 17 CFR 200.30-3(a)(12).
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 [FR Doc. E4-2799 Filed 10-21-04; 8:45 am]
BILLING CODE 8010-01-P