[Federal Register Volume 70, Number 138 (Wednesday, July 20, 2005)]
[Notices]
[Page 41806]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-14235]



[[Page 41806]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52026; File No. SR-NYSE-2005-26]


Self-Regulatory Organizations; New York Stock Exchange, Inc.; 
Order Granting Approval to Proposed Rule Change and Amendment No. 1 
Thereto To Extend the Closing Time of Crossing Session II, and To Amend 
Its Crossing Sessions III and IV To Eliminate the Share Size 
Restriction and the Process by Which an Order Is Executed if There Is 
No Execution Prior to 4 p.m.

July 13, 2005.
    On April 8, 2005, the New York Stock Exchange, Inc. (``NYSE'' 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 rules governing its Off-Hours Trading 
Facility (``OHTF''), Crossing Sessions II, III, and IV, in particular. 
On May 19, 2005, NYSE filed Amendment No. 1 to the proposed rule 
change.\3\ The proposed rule change as amended, was published for 
comment in the Federal Register on June 8, 2005.\4\ The Commission 
received no comments on the proposal. This order approves the proposed 
rule change, as amended.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 made clarifying changes to the Purpose 
section of the filing.
    \4\ See Securities Exchange Act Release No. 51747 (May 26, 
2005), 70 FR 33571 (June 8, 2005) (SR-NYSE-2005-26).
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    The NYSE proposes to amend rules governing its OHTF. The proposed 
rule change would (1) extend the closing time of Crossing Session II 
from 6:15 p.m. to 6:30 p.m., and (2) amend rules governing Crossing 
Sessions III and IV to (i) eliminate the 10,000 share size restriction 
for both types of orders in Crossing Sessions III and IV, and (ii) 
provide that if there is no execution prior to 4 p.m, the entire order 
would be eligible for execution in the crossing session, rather than 
just the portion of the customer's order that could not be executed 
prior to 4 p.m.
    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 of the Act \6\ and the rules 
and regulations thereunder. Specifically, the Commission finds the 
proposal to be consistent with section 6(b)(5) of the Act,\7\ in that 
is 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.
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    \5\ In approving this proposed rule change, as amended, the 
Commission has considered the proposed rule's impact on efficiency, 
competition, and capital formation. See 15 U.S.C. 78c(f).
    \6\ 15 U.S.C. 78f.
    \7\ 15 U.S.C. 78f(b)(5).
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    The Commission believes that the changes should enhance the 
usefulness and practicality of Crossing Session II by making it 
available to member organizations for a greater time period and making 
its closing time consistent with the closing time of Crossing Sessions 
III and IV. Additionally, the Commission believes that the elimination 
of the size restriction for orders in Crossing Sessions III and IV 
should increase the availability of these sessions to member 
organizations.
    It is therefore ordered, pursuant to section 19(b)(2) of the 
Act,\8\ that the proposed rule change (SR-NYSE-2005-26), as amended, 
be, and it hereby is, approved.
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    \8\ 15 U.S.C. 78s(b)(2).

    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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J. Lynn Taylor,
Assistant Secretary.
[FR Doc. 05-14235 Filed 7-19-05; 8:45 am]
BILLING CODE 8010-01-P