From: Junius W. Peake
Sent: December 18, 2006
Subject: SR-NYSE-2006-98

Given the Commission's almost complete abrogation of its congressional mandate to approve proposed rules of the hybrid market of the NYSE to its staff, it would seem to this observer that the Commission might wish to assert its authority on this one Rule proposal which (unlike almost all the other proposals) contains this language:

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

Within 35 days of the date of publication of this notice in the Federal Register or within such longer period (i) as the Commission may designate up to 90 days of such date if it finds such longer period to be appropriate and publishes its reasons for so finding or (ii) as to which NYSE consents , the Commission will:

  1. by order approve such proposed rule change, or
  2. institute proceedings to determine whether the proposed rule change should be disapproved." [Note: Emphasis supplied.]

Note: This language does NOT contain the following language:

"For the Commission, by the Division of Market Regulation, pursuant to delegated authority."

As such, I assume the Commission itself will hold a public meeting at which it will carefully review the proposed rule, together with any comments, and render its decision.

Junius W. Peake
Monfort Distinguished Professor Emeritus of Finance
1618 Lakeside Drive
Greeley CO 80631-5434