[Federal Register: May 8, 2007 (Volume 72, Number 88)]
[Notices]
[Page 26186-26188]
[DOCID:fr08my07-113]

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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-55685; File No. SR-Amex-2007-41]

Self-Regulatory Organizations; American Stock Exchange LLC;
Notice of Filing and Order Granting Accelerated Approval of a Proposed
Rule Change Relating to the Continuation of a Quote Assist Feature in
the ANTE System on a Pilot Program Basis

April 30, 2007.
    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 April 24, 2006, 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 and
II below, which Items have been substantially prepared by the Exchange.
The Commission is publishing this notice and order to solicit comments
on the proposed rule change from interested persons and to grant
accelerated approval to the proposed rule change.
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    \1\ 15 U.S.C. 78s(b)(1).
    \2\ 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 Exchange proposes to amend Amex Rule 958A--ANTE (e) (the
``Rule'') to extend until April 30, 2008, its pilot program
implementing a quote-assist feature in the Exchange's ANTE system
(``Pilot Program''). The text of the proposed rule change is available
at the Exchange, the Commission's Public Reference Room and (http://www.amex.com/
).

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 III below. 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
    The Rule currently requires all option specialists to execute or
display customer limit orders that improve the bid or offer by price or
size immediately upon receipt, unless one of the exceptions set forth
in the Rule applies. ``Immediately upon receipt'' is defined in the
Rule ``as soon as practicable which shall mean, under normal market
conditions, no later than 30 seconds after receipt''.\3\
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    \3\ See Securities Exchange Act Release No. 51062 (January 21,
2005) 70 FR 4163 (January 28, 2005).
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    In order to assist the specialists in complying with the Rule as
described above, the ANTE System provides specialists with an automated
quote assist feature on a pilot program basis.\4\

The quote assist feature automatically displays eligible limit orders
within a configurable time that can be set on a class-by-class basis by
the Exchange. The time frame within which limit orders must be
addressed, a maximum of 30 seconds under the Rule, may be set to a
shorter time period by the Exchange. The specialist maintaining the
quote assist feature may then use the feature to automatically display
orders within a shorter time period than the time period set by the
Exchange.
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    \4\ See Securities Exchange Act Release Nos. 49747 (May 20,
2004), 69 FR 30344, 30347 (May 27, 2004) (approving implementation
of the ANTE system, including the quote assist feature on a pilot
basis); 51955 (June 30, 2005), 70 FR 39812 (July 11, 2005)
(extending the Pilot Program until April 30, 2006); and 53950 (June
6, 2006) 71 FR 34401 (June 14, 2006) (extending the Pilot Program
until April 30, 2007).
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    While all customer limit orders are expected to be displayed
immediately, the quote assist feature can be set to automatically
display limit orders at or close to the end of the 30-second time frame
or within any other shorter time frame established by the Exchange. In
instances where the specialist has not addressed the order within the
applicable 30-second period, the quote assist feature will
automatically display the eligible customer limit order in the limit
order book at or close to the end of that period. The quote assist
feature helps to ensure that eligible customer limit orders are
displayed within the required time period then in effect. Rule 958A--
ANTE (e)(4) currently requires the specialist to maintain and keep
active the limit order quote assist feature. The specialist may
establish the time frame within which the quote assist feature displays
eligible customer limit orders, which time frame does not exceed the
customer limit order display requirement set forth in the Rule. The
specialist may deactivate the quote assist feature provided Floor
Official approval is obtained. The specialist must obtain Floor
Official approval as soon as practicable but in no event later than
three minutes after deactivation. If the specialist does not receive
approval within three minutes after deactivation, the Exchange will
review the matter as a regulatory issue. Floor Officials will grant
approval only in instances when there is an unusual influx of orders or
movement of the underlying that would result in gap pricing or other
unusual circumstances. The Exchange will document all instances where a
Floor Official has granted approval.
    The Exchange notes that the quote assist feature does not relieve
the specialists of their obligation to display customer limit orders
immediately. To the extent that a specialist excessively relies on the
quote assist feature to display eligible limit orders without
attempting to address the orders immediately, the specialist could be
violating the Rule. However, brief or intermittent reliance on the
quote assist feature by a specialist during an unexpected surge in
trading activity in an option class would not violate the Rule if used
when the specialist is not physically able to address all the eligible
limit orders within 30 seconds. The Exchange has issued a regulatory
notice discussing excessive reliance on the quote assist feature.
    The Exchange will continue to conduct surveillance to ensure that
specialists comply with their obligation to execute or book all
eligible limit orders within the time period prescribed by Exchange
rules. The Exchange commits to conduct surveillance designed to detect
whether specialists as a matter of course rely on the quote-assist
feature to display all eligible limit orders. A practice of excessive
reliance upon the quote assist feature will be reviewed by the Division
of Regulation and Compliance as a possible violation of the Rule. The
Exchange runs its limit order display exception report at various
display intervals in an attempt to detect a pattern suggestive of undue
reliance on the quote assist feature. The Exchange reports to the
Commission every three months the statistical data it uses to determine
whether there has been impermissible reliance on the quote assist
feature by specialists.
    The Exchange now proposes to continue the quote assist feature on a
pilot program basis from April 30, 2007 until April 30, 2008.
2. Statutory Basis
    The proposed rule change is consistent with Section 6(b) of the
Act,\5\ in general, and furthers the objectives of Section 6(b)(5) of
the Act,\6\ in particular, in that it is designed to prevent fraudulent
and manipulative acts and practices and to promote just and equitable
principles of trade.
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    \5\ 15 U.S.C. 78f(b).
    \6\ 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 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. 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_ADDRESS>Please include

File Number SR-Amex-2007-41 on the subject line.

Paper Comments

     Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, Station Place, 100 F
Street NE., Washington, DC 20549-1090.

All submissions should refer to File Number SR-Amex-2007-41. 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 Exchange. 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-2007-41 and should be submitted on or before May
29, 2007.

IV. Commission's Findings and Order Granting Accelerated Approval of
the Proposed Rule Change

    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.\7\ In particular, the Commission finds that the proposed rule
change is consistent with the requirements of Section 6(b)(5) of the
Act,\8\ which requires, among other things, that the rules of the
Exchange be 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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    \7\ In approving the proposed rule, the Commission has
considered the rule's impact on efficiency, competition and capital
formation. See 15 U.S.C. 78c(f).
    \8\ 15 U.S.C. 78f(b)(5).
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    The Commission believes that the quote assist feature should help
to ensure that eligible customer limit orders are displayed within the
required time period. The Commission notes that the Exchange represents
that it will continue to conduct surveillance to ensure that
specialists comply with their obligation to execute or book all
eligible limit orders within the time period prescribed by Exchange
rules, and that excessive reliance upon the quote assist feature will
be reviewed by the Exchange as a possible violation of the Rule.
    The Exchange has requested that the Commission approve the proposed
rule change prior to the thirtieth day after publication of notice of
the filing in the Federal Register. The Commission believes that
granting accelerated approval will allow the Exchange to continue to
operate the Pilot Program without interruption. Accordingly, the
Commission finds good cause, pursuant to Section 19(b)(2) of the
Act,\9\ for approving the proposal prior to the thirtieth day after
publication of the notice of the filing thereof in the Federal
Register.
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    \9\ 15 U.S.C. 78s(b)(2).
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V. Conclusion

    It is therefore ordered, pursuant to Section 19(b)(2) of the
Act,\10\ that the proposed rule change (SR-Amex-2007-41) is hereby
approved on an accelerated basis.
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    \10\ 15 U.S.C. 78s(b)(2).

    For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
 [FR Doc. E7-8734 Filed 5-7-07; 8:45 am]

BILLING CODE 8010-01-P


 [Federal Register Volume 76, Number 130 (Thursday, July 7, 2011)] [Rules and Regulations] [Page 39775] [FR Doc No: 2011-17108]

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DEPARTMENT OF HOMELAND SECURITY

Coast Guard

33 CFR Part 117

[Docket No. USCG-2011-0547]

Drawbridge Operation Regulation; Lafourche Bayou, Lafourche, LA

AGENCY: Coast Guard, DHS.

ACTION: Notice of temporary deviation from regulations.

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SUMMARY: The Commander, Eighth Coast Guard District, has issued a

temporary deviation from the regulation governing the operation of the

Cut Off vertical lift span bridge across the Lafourche Bayou, mile

36.3, at Cut Off, Lafourche Parish, LA. The deviation is necessary to

perform major maintenance and repair on the bridge. This deviation

allows the bridge to remain closed to navigation for 45 consecutive

days except that from 6 a.m. through 6 p.m. the bridge will open every

four hours, as necessary, to allow waiting vessel traffic to pass.

DATES: This deviation is effective from 6 a.m. on Monday, July 11, 2011

through 6 p.m. on Wednesday, August 24, 2011.

ADDRESSES: Documents mentioned in this preamble as being available in

the docket are part of docket USCG-2011-0547 and are available online

by going to http://www.regulations.gov, inserting USCG-2011-0547 in the

``Keyword'' box and then clicking ``Search''. They are also available

for inspection or copying at the Docket Management Facility (M-30),

U.S. Department of Transportation, West Building Ground Floor, Room

W12-140, 1200 New Jersey Avenue, SE., Washington, DC 20590, between 9

a.m. and 5 p.m., Monday through Friday, except Federal holidays.

FOR FURTHER INFORMATION CONTACT: If you have questions on this rule,

call or e-mail Jim Wetherington, Bridge Administration Branch, Coast

Guard; telephone<PHONE_NUMBER>, e-mail<EMAIL_ADDRESS>If

you have questions on viewing the docket, call Renee V. Wright, Program

Manager, Docket Operations, telephone<PHONE_NUMBER>.

SUPPLEMENTARY INFORMATION: The Lafourche Parish Government has

requested a temporary deviation from the operating schedule of the

vertical lift span bridge across Lafourche Bayou, mile 36.3 in Cut Off,

Lafourche Parish, LA. The vertical clearance of the bridge in the

closed-to-navigation position is 5 feet above Mean High Water and 73

feet above Mean High Water in the open-to-navigation position.

    In accordance with 33 CFR 117.465(a)(5), the vertical lift span of

the bridge shall open on signal for the passage of vessels; except that

from August 15-May 31, the draw need not open for the passage of

vessels Monday-Friday, except Federal holidays, from 7 a.m.-8:30 a.m.;

from 2 p.m. to 4 p.m.; and from 4:30 p.m. to 5:30 p.m. This deviation

allows the vertical lift span of the bridge to remain closed to

navigation from Monday, July 11, 2011 through Wednesday, August 24,

2011 except that from 6 a.m. through 6 p.m., the bridge will open every

four hours, as necessary, to allow for the passage of any vessels in

waiting.

    The closure is necessary to perform major maintenance and repair.

This maintenance is essential for the continued operation of the

bridge. Notices will be published in the Eighth Coast Guard District

Local Notice to Mariners and will be broadcast via the Coast Guard

Broadcast Notice to Mariners System.

    Navigation on the waterway consists of commercial and recreational

fishing vessels, small to medium crew boats, and small tugs with and

without tows. Alternate routes are available for the passage of

vessels; however, this closure was coordinated with waterway interests

who have indicated that they will be able to adjust their operations

around the proposed work schedule. Small vessels may pass under the

bridge while in the closed-to-navigation position provided caution is

exercised.

    Due to prior experience and coordination with waterway users, it

has been determined that this closure will not have a significant

effect on vessels that use the waterway.

    In accordance with 33 CFR 117.35(e), the drawbridge must return to

its regular operating schedule immediately at the end of the designated

time period. This deviation from the operating regulations is

authorized under 33 CFR 117.35.

    Dated: June 21, 2011.

David M. Frank,

Chief, Bridge Administration Branch, U.S. Coast Guard, by Direction.

[FR Doc. 2011-17108 Filed 7-6-11; 8:45 am]

BILLING CODE 9110-04-P


Memo to File

From:  Kathryn Kelley
Date:  8/14/12

On August 14, 2012 EPA attended a listening session with a representative from Atlantium Illuminating Water Technologies

Attendees are the following:

Name			Affiliation
Yariv Abromovich	Altantium
Jim Lauria		Team Chemistry
Ryan Albert		EPA
Kathryn Kelley	EPA

The meeting included a presentation by Atlantium of a UV technology for ballast water treatment.