[Federal Register Volume 69, Number 239 (Tuesday, December 14, 2004)]
[Notices]
[Pages 74547-74548]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E4-3610]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-50811; File No. SR-Amex-2004-98]


Self-Regulatory Organizations; American Stock Exchange LLC; 
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to 
Temporarily Suspend the Specialist's and Registered Traders' 
Transaction Charges for the Trading of Nasdaq-100 Index Tracking Stock

December 7, 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 December 1, 2004, the American Stock Exchange LLC (``Amex'' or 
``Exchange'') filed with the Securities and Exchange Commission 
(``Commission'') the proposed rule change as described in items I, II, 
III below, which Items have been prepared by the Exchange. Amex has 
designated the proposed rule change as ``establishing or changing a 
due, fee, or other charge'' under section 19(b)(3)(A) of the Act,\3\ 
and Rule 19b-4(f)(2) thereunder,\4\ which renders the proposal 
effective upon filing with the Commission. The Commission is publishing 
this notice to solicit

[[Page 74548]]

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.
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I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    The Amex proposes to amend the Amex Equity and Exchange Traded 
Funds and Trust Issued Receipts Fee Schedules to temporarily suspend 
the specialist's and registered traders' transaction charges for the 
trading of Nasdaq-100 Index Tracking Stock (Symbol: QQQQ) pursuant to 
the Nasdaq Unlisted Trading Privileges Plan. The text of the proposed 
rule change is available at the Office of the Secretary, Amex, and at 
the Commission.

II. 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 
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 Amex has prepared summaries, set forth in sections 
A, B, and C below, of the most significant aspects of such statements.

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

1. Purpose
    Effective December 1, 2004, the Nasdaq-100 Index Tracking 
Stock[reg] listed on the Nasdaq Stock Market, Inc. It trades on Nasdaq 
under the symbol QQQQ. The Amex trades the QQQQ on an unlisted trading 
privileges basis. Currently, transaction charges for the specialist and 
registered traders are $0.0037 ($0.37 per 100 shares) and $0.0038 
($0.38 per 100 shares) respectively. These transaction charges are also 
subject to a $300 per trade maximum. The Amex proposes to amend the 
Amex Equity and Exchange Traded Funds and Trust Issued Receipts Fee 
Schedules to suspend the transaction charges for the specialist and 
registered traders until December 31, 2004. The Exchange believes that 
this fee suspension would encourage competition among markets trading 
QQQQ and enhance the Amex's competitiveness in trading this security.
2. Statutory Basis
    The Amex believes the proposed rule change is consistent with 
section 6(b) of the Act,\5\ in general, and furthers the objectives of 
section 6(b)(4) of the Act,\6\ in particular, in that it is intended to 
provide for the equitable allocation of reasonable dues, fees and other 
charges among its members and issuers and other persons using its 
facilities.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 15 U.S.C. 78f(b)(4).
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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 burden on competition.

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

    No written comments were solicited or received with respect to the 
proposed rule change.

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

    The foregoing rule change establishes or changes a due, fee, or 
other charge imposed by the Exchange, and, therefore, has become 
effective pursuant to section 19(b)(3)(A)(ii) of the Act \7\ and 
subparagraph (f)(2) of Rule 19b-4 thereunder.\8\ At any time within 60 
days of the filing of the 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.
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    \7\ 15 U.S.C. 78s(b)(3)(A)(ii).
    \8\ 17 CFR 240.19b-4(f)(2).
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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-Amex-2004-98 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-Amex-2004-98. 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 Room, 450 Fifth 
Street, NW., Washington, DC 20549. Copies of such filing will also be 
available for inspection and copying at the principal office of the 
Amex. 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-
Amex-2004-98 and should be submitted on or before January 4, 2004.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\9\
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    \9\ 17 CFR 200.30-3(a)(12).
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Jill M. Peterson,
Assistant Secretary.
[FR Doc. E4-3610 Filed 12-13-04; 8:45 am]
BILLING CODE 8010-01-P