[Federal Register Volume 70, Number 183 (Thursday, September 22, 2005)]
[Notices]
[Pages 55647-55650]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 05-18898]



[[Page 55647]]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-52449; File No. SR-NASD-2005-107]


Self-Regulatory Organizations; National Association of Securities 
Dealers, Inc.; Notice of Filing and Immediate Effectiveness of Proposed 
Rule Change and Amendment No. 1 Thereto Regarding Enhancements to the 
Nasdaq Market Center Pegged Order Functionality

September 15, 2005.
    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 8, 2005, the National Association of Securities Dealers, 
Inc. (``NASD''), through its subsidiary, The Nasdaq Stock Market, Inc. 
(``Nasdaq''), filed with the Securities and Exchange Commission 
(``SEC'' or ``Commission'') the proposed rule change as described in 
Items I and II below, which Items have been prepared by Nasdaq. On 
September 14, 2005, Nasdaq filed Amendment No. 1 to the proposed rule 
change.\3\ Nasdaq filed the proposal as a ``non-controversial'' rule 
change pursuant to Section 19(b)(3)(A) of the Act \4\ and Rule 19b-
4(f)(6) \5\ thereunder, which renders the proposed rule change 
effective upon filing with the Commission.\6\ The Commission is 
publishing this notice to solicit comments on the proposed rule change, 
as amended, from interested persons.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 17 CFR 240.19b-4.
    \3\ Amendment No. 1 made technical changes to the rule text of 
the proposed rule change and requested that the Commission waive the 
30-day operative delay.
    \4\ 15 U.S.C. 78s(b)(3)(A).
    \5\ 17 CFR 240.19b-4(f)(6).
    \6\ Nasdaq provided the Commission with written notice of its 
intention to file the proposed rule change on August 16, 2005.
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I. Self-Regulatory Organization's Statement of the Terms of the 
Substance of the Proposed Rule Change

    Nasdaq proposes to modify the order-pegging functionality of the 
Nasdaq Market Center. Nasdaq intends to implement the proposed rule 
change immediately and will inform market participants of the exact 
implementation date via a Head Trader Alert on http://www.nasdaqtrader.com.
    The text of the proposed rule change is below. Proposed new 
language is in italics; proposed deletions are in [brackets].
* * * * *
4700. NASDAQ MARKET CENTER--EXECUTION SERVICES
4701. Definitions
    Unless stated otherwise, the terms described below shall have the 
following meaning:
    (a)-(jj) No Change.
    (kk) The term ``Auto-Ex'' shall mean, for orders in Nasdaq listed 
securities so designated, an order that (except when it is displayed or 
interacts with a displayed Discretionary Order at a price in its 
discretionary price range) will execute solely against the Quotes/
Orders of Nasdaq Market Center Participants that participate in the 
automatic execution functionality of the Nasdaq Market Center and that 
do not charge a separate quote-access fee to Nasdaq Market Center 
Participants accessing their Quotes/Orders through the Nasdaq Market 
Center. An Auto-Ex Order may be designated as ``Immediate or Cancel'' 
(an ``IOC Auto-Ex Order'') or ``Day'' or ``GTC'' (a ``Postable Auto-Ex 
Order''). A party entering a Postable Auto-Ex Order may (but is not 
required to) specify that the order will utilize the functionality 
associated with Pegged Orders or Discretionary Orders. Auto-Ex orders 
shall not be eligible for routing as set out in Rule 4714.
    (ll) No change.
    (mm) The term ``Pegged'' shall mean, for priced limit orders so 
designated, that after entry into the Nasdaq Market Center, the price 
of the order is automatically adjusted by Nasdaq Market Center in 
response to changes in either the Nasdaq Market Center inside bid or 
offer or the national best bid or offer, as appropriate. [The] A Nasdaq 
Market Center Participant may [entering] enter either a Regular Pegged 
Order or a Reverse Pegged Order. A Nasdaq Market Center Participant 
entering a Regular Pegged Order may specify that the price of the order 
will deviate from either [equal] the Nasdaq inside quote on the same 
side of the market or the national best bid or offer on the same side 
of the market by an offset amount of $0 to $0.99. [(a ``Regular Pegged 
Order'')] A Nasdaq Market Center Participant entering a Reverse Pegged 
Order may specify that the price of the order will [or equal a price 
that] deviate[s] from either the Nasdaq inside quote on the contra side 
of the market or the national best bid or offer on the contra side of 
the market by an offset amount of $0.01 to $0.99 [(i.e., $0.01 less 
than the inside offer or $0.01 more than the inside bid) (a ``Reverse 
Pegged Order'')]. The market participant entering a Pegged Order may 
(but is not required to) specify a cap price, to define a price at 
which pegging of the order will stop and the order will be permanently 
converted into an unpegged limit order. Pegged Orders shall not be 
available for ITS Securities. Pegged orders shall not be eligible for 
routing as set out in Rule 4714.
    (nn) The term ``Discretionary'' shall mean.
    (1) For priced limit orders in Nasdaq listed securities so 
designated, an order that when entered into the Nasdaq Market Center 
has both a displayed bid or offer price, as well as a non-displayed 
discretionary price range in which the participant is also willing to 
buy or sell, if necessary. The displayed price may be fixed or may be 
pegged to [equal] deviate from the Nasdaq inside quote or the national 
best bid or offer on the same side of the market by an offset amount of 
$0 to $0.99. The pegging of the Discretionary Order may be capped in 
the same manner as that of a Pegged Order. The discretionary price 
range of a Discretionary Order that is pegged will be adjusted to 
follow the pegged displayed price. Discretionary Orders for Nasdaq 
listed securities shall be eligible for routing as set out in Rule 
4714.
    (2) No change.
    (oo)-(uu) No change.
* * * * *
4706. Order Entry Parameters
    (a) Non-Directed Orders--
    (1) General. The following requirements shall apply to Non-Directed 
Orders Entered by Nasdaq Market Center Participants:
    (A)-(B) No change.
    (i)-(iv) No change.
    (v) For Nasdaq listed securities, an order may be designated as 
``Auto-Ex,'' in which case the order may be designated as IOC, Day or 
GTC. If a Nasdaq Market Center Participant entering a Postable Auto-Ex 
Order specifies that the order will utilize the functionality 
associated with Pegged or Discretionary Orders, the order will 
automatically be designated as Day.
    (vi) No change.
    (vii) An order may be designated as ``Pegged,'' in which case the 
order will also automatically be designated as Day. A Pegged Order may 
not be designated as a Preferenced Order. A Pegged Order (or unexecuted 
portion thereof) will be retained by the Nasdaq Market Center and its 
price adjusted in response to changes in the Nasdaq Market Center 
inside market or the national best bid or offer, as appropriate. A 
Pegged Order (including [a Discretionary Order] any other order type 
with a price that is pegged) will be cancelled if there is no 
displayable Quote/Order to which its price can be pegged. Starting at 
7:30

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a.m., until the 4:00 p.m. market close, Pegged Orders may be entered 
into the Nasdaq Market Center (or previously entered orders cancelled), 
but such orders entered prior to market open will not become available 
for execution until 9:30 a.m. Eastern Time. The initial price of 
[Pegged Orders (including Discretionary Orders that are pegged)] any 
type of order with a price that is pegged entered prior to market open 
will be established at 9:30 a.m. based on the Nasdaq inside bid or 
offer or the national best bid or offer at that time, as appropriate. 
Pegged Orders shall not be available for ITS Securities.
    To maintain the capacity and performance of the Nasdaq Market 
Center, Nasdaq may at any time suspend the entry of [Pegged Orders 
(including Discretionary Orders that are pegged)] all types of orders 
with prices that are pegged for all securities or for any security. 
Pegged Orders that are in the Nasdaq Market Center at the time of such 
suspension will continue to be available for adjustment and execution.
    (viii) a. An order may be designated as ``Discretionary'', in which 
case the order will also automatically be designated as Day. A 
Discretionary Order may not be designated as a Preferenced Order. The 
order (or unexecuted portion thereof) shall be displayed in the system, 
if appropriate, using the displayed price selected by the entering 
party, with the system also retaining a non-displayed discretionary 
price range within which the entering party is also willing to execute 
if necessary. If a Discretionary Order is pegged, its displayed price 
will be adjusted in response to changes in the Nasdaq inside market or 
the national best bid or offer, as appropriate. Starting at 7:30 a.m., 
until the 4 p.m. market close, Discretionary Orders may be entered into 
the Nasdaq Market Center (or previously entered orders cancelled), but 
such orders entered prior to market open will not become available for 
execution until 9:30 a.m. Eastern Time. Discretionary Orders whose 
displayed price or discretionary price range does not lock or cross 
another Quote/Order will be available for execution at 9:30 a.m. All 
other Discretionary Orders will be added to the time-priority queue 
described in Rule 4706(a)(1)(F) and (a)(2)(B) and processed by the 
Nasdaq Market Center at market open.
    b. No change.
    (ix)-(xiii) No change.
    (C)-(F) No Change.
    (2) Entry of Non-Directed Orders by Order Entry Firms--In addition 
to the requirements in paragraph (a)(1) of this rule, the following 
conditions shall apply to Non-Directed Orders entered by Order Entry 
Firms:
    (A) (i) All Non-Directed orders in Nasdaq listed securities shall 
be designated as Immediate or Cancel, GTC or Day but shall be required 
to be entered as Non-Attributable if not entered as IOC. Order Entry 
Firms may designate orders as ``Pegged'' or ``Discretionary,'' in which 
case the order will also automatically be designated as Day. Order 
Entry Firms may also designate orders as ``Auto-Ex,'' in which case the 
order may be designated as IOC, Day or GTC. If an Order Entry Firm 
entering a Postable Auto-Ex Order specifies that the order will utilize 
the functionality associated with Pegged or Discretionary Orders, the 
order will automatically be designated as Day. For IOC orders, if after 
entry into the Nasdaq Market Center of a Non-Directed Order that is 
marketable, the order (or the unexecuted portion thereof) becomes non-
marketable, the system will return the order (or unexecuted portion 
thereof) to the entering participant.
    (ii) No change.
    (B) No change.
    (b)-(e) No change.
4707. Entry and Display of Quotes/Orders
    (a) Entry of Quotes/Orders--Nasdaq Quoting Market Participants may 
enter Quotes/Orders into the Nasdaq Market Center, and Order Entry 
Firms may enter Non-Attributable Orders into the Nasdaq Market Center, 
subject to the following requirements and conditions:
    (1) No change.
    (2) Upon entry of a Quote/Order into the system, the Nasdaq Market 
Center shall time-stamp it, which time-stamp shall determine the 
ranking of the Quote/Order for purposes of processing Non-Directed 
Orders as described in Rules 4710(b) and 4714. For each subsequent size 
increase received for an existing quote at a given price, the system 
will maintain the original time-stamp for the original quantity of the 
quote and assign a separate time-stamp to that size increase. When [a 
Pegged Order (including a Discretionary Order that is pegged)]any type 
of order with a price that is pegged is displayed as a Quote/Order, its 
time-stamp will be updated whenever its price is adjusted.
    (3)-(4) No change.
    (b)-(f) No change.
* * * * *
4710. Participant Obligations in the Nasdaq Market Center
    (a) No change.
    (b) Non-Directed Orders
    (1) No change.
    (A) No change.
    (B) No change.
    (i) No change.
    (ii) Exceptions--The following exceptions shall apply to the above 
execution parameters:
    a.-c. No change.
    d. An Auto-Ex Order in a Nasdaq listed security that is designated 
IOC will interact solely with the Quotes/Orders of Nasdaq Market Center 
Participants that participate in the automatic execution functionality 
of the Nasdaq Market Center and that do not charge a separate quote-
access fee to Nasdaq Market Center Participants accessing their Quotes/
Orders through the Nasdaq Market Center (``Auto-Ex Eligible 
Participants''). An IOC Auto-Ex Order will not interact with the Quote/
Order of an Auto-Ex Eligible Participant if the Quote/Order of a Nasdaq 
Market Center Participant that is not an Auto-Ex Eligible Participant 
is priced better than the Quote/Order of any Auto-Ex Eligible 
Participant at that time. An IOC Auto-Ex Order (or an unexecuted 
portion thereof) will be cancelled if it cannot be immediately 
executed. Upon entry into the Nasdaq Market Center, a Postable Auto-Ex 
Order will be processed in the same manner as an IOC Auto-Ex Order; 
provided, however, that if the Nasdaq Market Center Participant 
entering the Postable Auto-Ex Order [includes discretionary prices] 
specifies that the order will utilize the functionality associated with 
Pegged Orders or Discretionary Orders (including pegged Discretionary 
Orders), the order will be processed in the same manner as a Pegged 
Order or a Discretionary Order, but will interact solely with the 
Quotes/Orders of Auto-Ex Eligible Participants and will not interact 
with the Quote/Order of an Auto-Ex Eligible Participant if the Quote/
Order of a Nasdaq Market Center Participant that is not an Auto-Ex 
Eligible Participant is priced better than the Quote/Order of any Auto-
Ex Eligible Participant at that time. Any portion of a Postable Auto-Ex 
Order that cannot be immediately executed will be displayed, unless it 
would lock or cross the Quote/Order of a Nasdaq Market Center 
Participant that is not an Auto-Ex Eligible Participant, in which case 
the Postable Auto-Ex Order (or any unexecuted portion thereof) will be 
cancelled. Depending on the functionality specified by the Nasdaq 
Market Center Participant entering the order, a Postable Auto-Ex Order 
that is displayed will have the same characteristics and be subject to 
the same rules as a regular limit order, a Pegged Order, or a 
Discretionary Order.
    For purposes of this subclause d., any displayed Discretionary 
Order that may

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be executed against (or delivered to) an Auto-Ex Order at a price in 
the Discretionary Order's discretionary price range will be deemed to 
have been entered by an Auto-Ex Eligible Participant.
    e.-f. No change.
    (C)-(D) No change.
    (2)-(8) No change.
    (c)-(e) No change.
* * * * *

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

    In its filing with the Commission, Nasdaq 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. Nasdaq 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
    In the past several years, Nasdaq has introduced numerous new order 
types for use in the Nasdaq Market Center.\7\ A Pegged Order is a limit 
order, the price of which is automatically adjusted to follow the price 
movements of the inside market. A Regular Pegged Order pegs to the same 
side of the market it is entered on, while a Reverse Pegged Order pegs 
to a price that deviates from the opposite side of the market by $0.01. 
A Discretionary Order allows a market participant to specify both a 
displayed price and one or more undisplayed discretionary prices at 
which it is willing to trade. The displayed price can be pegged to 
follow the inside price on the same side of the market as the order, 
with discretionary price(s) adjusted to follow changes in the displayed 
price. Upon entry, the Auto-Ex Order executes solely against the 
Quotes/Orders of Nasdaq Market Center participants that participate in 
the system's automatic execution functionality and that do not charge a 
separate quote-access fee to participants accessing their Quotes/Orders 
through the Nasdaq Market Center (``Auto-Ex Eligible Participants''). 
Auto-Ex Orders either cancel after accessing available liquidity (``IOC 
Auto-Ex Orders'') or post to the Nasdaq Market Center book after 
accessing available liquidity (``Postable Auto-Ex Orders'').\8\
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    \7\ See Securities Exchange Act Release Nos. 48798 (November 17, 
2003), 68 FR 66147 (November 25, 2003) (SR-NASD-2003-150) (Pegged 
Orders); 49085 (January 15, 2004), 69 FR 3412 (January 23, 2004) 
(SR-NASD-2003-165) (Discretionary Orders); 49020 (January 5, 2004), 
69 FR 1769 (January 12, 2004) (SR-NASD-2003-143) (IOC Auto-Ex 
Orders); 49547 (April 9, 2004), 69 FR 20091 (April 15, 2004) (SR-
NASD-2004-046 (Postable Auto-Ex Orders).
    \8\ A Postable Auto-Ex Order that would lock or cross the Quote/
Order of a participant that is not an Auto-Ex Eligible Participant 
is cancelled, however.
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    Currently, market participants using Pegged Orders or Pegged 
Discretionary Orders have the option only of pegging to the best bid or 
offer in Nasdaq. To provide market participants with added flexibility 
in the use of pegged order types, however, Nasdaq is modifying its 
system to provide the option of pegging orders to the national best bid 
or offer. In addition, the proposal creates a wider range of offset 
amounts for use in connection with pegged orders, with a range $0.00 to 
$0.99 for orders pegged to the same side of the market and $0.01 to 
$0.99 for orders pegged to the opposite side of the market. Finally, 
the proposal makes several non-substantive rule-text changes to remove 
extraneous language relating to pegging functionality being available 
for discretionary orders, and to make clear the general availability of 
pegging functionality for orders, including Postable Auto-Ex Orders.
    As is currently the case, an order may not be pegged to prices away 
from the inside market. Thus, by entering a Regular Pegged Order pegged 
to the national best bid or offer, the market participant would 
indicate its willingness to provide liquidity at the best price 
established by any participant in any market trading the stock. By 
entering a Reverse Pegged Order pegged to the national best bid or 
offer, the market participant would indicate its willingness to provide 
liquidity at a price $0.01-$0.99 away from the best price on the 
opposite side of the market established by any participant in any 
market trading the stock. As a result, in circumstances where the 
spread between the national best bid and best offer is greater than 
$0.01, the entry of a Reverse Pegged Order would establish a new 
national best price. All other features of these order types, including 
the ability to place a cap on an order's pegging function, would remain 
unchanged.
    In addition, Nasdaq will allow market participants entering 
Postable Auto-Ex Orders to specify that an order will use the pegging 
functionality. An Auto-Ex Order pegged to the Nasdaq inside would 
function in the same manner as a Pegged Order, since the order would 
either join the existing Nasdaq inside, establish a new Nasdaq inside, 
or be executed by (or receive delivery from) a displayed Discretionary 
Order at its discretionary price. However, an Auto-Ex Order that is 
pegged to the national best bid or offer may interact with prices 
already displayed in Nasdaq, in which case the order's Auto-Ex 
functionality would become relevant. For example, if the Nasdaq inside 
was $20.00-$20.01, but the national best offer $20.00, an Auto-Ex Order 
to sell that used regular pegging functionality would initially be 
priced at $20.00 and would therefore potentially be eligible for 
execution against the Nasdaq best bid of $20.00. The order would access 
all liquidity offered by Auto-Ex Eligible Participants at $20.00, and 
if there was no bid at that price level from a market participant that 
was not an Auto-Ex Eligible Participant, the order (or unexecuted 
portion thereof) would be displayed at $20.00. However, if an Order-
Delivery ECN (or an auto-ex ECN that charges an access fee) had a bid 
at $20.00 displayed in the Nasdaq Market Center, the Auto-Ex Order (or 
unexecuted portion thereof) would be cancelled, because it would lock 
the ECN's offer if it were displayed.\9\
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    \9\ Similarly, an Auto-Ex Order to sell that used reverse 
pegging functionality would initially be priced at $19.99 and would 
therefore access liquidity from Auto-Ex Eligible Participants at $20 
and possibly also $19.99.
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2. Statutory Basis
    Nasdaq believes that the proposed rule change is consistent with 
the provisions of Section 15A of the Act,\10\ in general, and with 
Section 15A(b)(6) of the Act,\11\ in particular, in that the proposal 
is designed to prevent fraudulent and manipulative acts and practices, 
to promote just and equitable principles of trade, to foster 
cooperation and coordination with persons engaged in regulating, 
clearing, settling, processing information with respect to, and 
facilitating transactions in securities, 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 proposed rule change will provide market participants with a 
voluntary tool to use to offer liquidity at the inside market. Nasdaq 
notes that the Commission has found similar orders

[[Page 55650]]

offered by at least one other market center to be consistent with the 
Act.\12\
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    \10\ 15 U.S.C. 78o-3.
    \11\ 15 U.S.C. 78o-3(b)(6).
    \12\ Securities Exchange Act Release No. 47467 (March 7, 2003), 
68 FR 12134 (March 13, 2003) (SR-PCX-2002-75).
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B. Self-Regulatory Organization's Statement on Burden on Competition

    Nasdaq does not believe that the proposed rule change will result 
in any burden on competition that is not necessary or appropriate in 
furtherance of the purposes of the Act, as amended.

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.

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

    Because the foregoing proposed rule change, as amended: (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 for 30 days after the 
date of this filing, or such shorter time as the Commission may 
designate if consistent with the protection of investors and the public 
interest, the proposed rule change has become effective pursuant to 
Section 19(b)(3)(A) \13\ of the Act and Rule 19b-4(f)(6) 
thereunder.\14\
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    \13\ 15 U.S.C. 78s(b)(3)(A).
    \14\ 17 CFR 240.19b-4(f)(6).
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    Nasdaq has requested that the Commission waive the 30-day operative 
delay, as specified in Rule 19b-4(f)(6)(iii),\15\ and designate the 
proposed rule change to become operative upon filing with the 
Commission. The Commission believes that waiving the 30-day operative 
delay is consistent with the protection of investors and the public 
interest because the proposed rule change is similar to order types 
already in use in the marketplace. Therefore the Commission designates 
the proposal to be effective and operative upon filing with the 
Commission.\16\
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    \15\ 17 CFR 240.19b-4(f)(6)(iii).
    \16\ For purposes of waiving the 30-day operative delay, 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 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.\17\
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    \17\ The effective date of the original proposed rule is 
September 8, 2005. The effective date of Amendment No. 1 is 
September 14, 2005. For purposes of calculating the 60-day period 
within which the Commission may summarily abrogate the proposed rule 
change under Section 19(b)(3)(C) of the Act, the Commission 
considers the period to commence on September 14, 2005, the date on 
which Nasdaq submitted Amendment No. 1. See 15 U.S.C. 78s(b)(3)(C).
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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-NASD-2005-107 on the subject line.

Paper Comments

     Send paper comments in triplicate to Jonathan G. Katz, 
Secretary, Securities and Exchange Commission, 100 F Street, NE., 
Washington, DC 20549-9303.
    All submissions should refer to File Number SR-NASD-2005-107. 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. Copies of such 
filing also will be available for inspection and copying at the 
principal office of the NASD. 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-NASD-2005-107 and should be submitted on or before 
October 13, 2005.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.\18\
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    \18\ 17 CFR 200.30-3(a)(12).
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Jonathan G. Katz,
Secretary.
[FR Doc. 05-18898 Filed 9-21-05; 8:45 am]
BILLING CODE 8010-01-P