On July 19, 2005, the Pacific Exchange, Inc. (“PCX” or “Exchange”), 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”)  and Rule 19b-4 thereunder, to reduce the exposure period in the Crossing Mechanism of the PCX Plus System from 30 seconds to 10 seconds. The PCX filed Amendment No. 1 to the proposed rule change on September 20, 2005 and subsequently withdrew Amendment No. 1. The PCX filed Amendment Nos. 2 and 3 to the proposed rule change on September 23, 2005 and September 27, 2005, respectively. The proposed rule change, as amended, was published for comment in the Federal Register on October 7, 2005. The Commission received no comments on the proposal.
After careful consideration, the Commission finds that the proposed rule change is consistent with the requirements of Section 6(b) of the Act  and the rules and regulations thereunder applicable to a national securities exchange, and in particular with Section 6(b)(5) of the Act. The Commission believes that, in the electronic environment of PCX Plus, reducing the exposure period to 10 seconds could facilitate the prompt execution of orders, while providing participants in the PCX Plus System Start Printed Page 71592with an adequate opportunity to compete for those orders.
It is therefore ordered, pursuant to Section 19(b)(2) of the Act, that the proposed rule change (SR-PCX-2005-85), as amended, is approved.Start Signature
For the Commission, by the Division of Market Regulation, pursuant to delegated authority.8
Jonathan G. Katz,
3. See Securities Exchange Act Release No. 52542 (September 30, 2005), 70 FR 58773.Back to Citation
5. In approving this proposal, the Commission has considered the proposed rule's impact on efficiency, competition, and capital formation. See 15 U.S.C. 78c(f).Back to Citation
[FR Doc. E5-6622 Filed 11-28-05; 8:45 am]
BILLING CODE 8010-01-P