[Federal Register Volume 70, Number 147 (Tuesday, August 2, 2005)]
[Notices]
[Pages 44413-44414]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: E5-4109]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52133; File No. SR-NASD-2005-068]


Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc.; Order Approving Proposed Rule Change Regarding a New 
Order Type for the Pre-Market Trading Session

July 27, 2005.
    On May 25, 2005, the National Association of Securities Dealers, 
Inc., through its subsidiary, The Nasdaq Stock Market, Inc. 
(``Nasdaq''), filed with the Securities and Exchange Commission 
(``Commission'') a proposed rule change pursuant to Section 19(b)(1) of 
the Securities Exchange Act of 1934 (``Act'') \1\ and Rule 19b-4 
thereunder,\2\ to establish a new order type for Nasdaq-listed 
securities called the Total Good-till-Canceled order, which would be 
eligible for execution during the pre-market trading session and would 
be processed precisely as the Good-till-Canceled order. The proposed 
rule change was published for comment in the Federal Register on June 
23, 2005.\3\ 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\ See Securities Exchange Act Release No. 51859 (June 16, 
2005), 70 FR 36428.
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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 association,\4\ the 
requirements of Section 15A of the Act,\5\ in general, and Section 
15A(b)(6) of the Act,\6\ in particular, which requires, among other 
things, that the rules of a national securities association be designed 
to facilitate transactions in securities and to remove impediments to 
and perfect the mechanism of a free and open

[[Page 44414]]

market. In proposing to establish the new order type, Nasdaq seeks to 
provide market participants with more choices, thereby permitting them 
to represent their trading interest more completely than is currently 
possible on Nasdaq. The depth and liquidity of the market on Nasdaq 
could increase as a result of the enhanced interest and competition, 
which in turn could promote greater competition among market centers.
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    \4\ In approving the proposed rule change, the Commission has 
considered its impact on efficiency, competition, and capital 
formation. 15 U.S.C. 78c(f).
    \5\ 15 U.S.C. 78o-3.
    \6\ 15 U.S.C. 78o-3(b)(6).
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    It is therefore ordered, pursuant to Section 19(b)(2) of the 
Act,\7\ that the proposed rule change (SR-NASD-2005-068) be, and it 
hereby 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. E5-4109 Filed 8-1-05; 8:45 am]
BILLING CODE 8010-01-P