SEC NEWS DIGEST
Issue 2003-21 January 31, 2003
COMMISSION ANNOUNCEMENTS
SECURITIES AND EXCHANGE COMMISSION ANNOUNCES AVAILABILITY OF OPTIONS INTERMARKET LINKAGE
Options Intermarket Linkage Provides for Access Among Markets, Better Ensures
Customer Orders Trade at Best Published Price
The Commission today announced the implementation by the options
exchanges of the intermarket linkage.
Since the expansion of multiple listing of options, and in particular
over the past year, the Commission has encouraged the options exchanges
to develop a linkage to ensure that customers' orders are executed at
the best published price.
Today's implementation of the linkage by the options exchanges is the
culmination of the efforts of the five options exchanges: the American
Stock Exchange, the Chicago Board Options Exchange, the International
Securities Exchange, the Pacific Exchange, and the Philadelphia Stock
Exchange.
"The implementation of this linkage is a credit to the options exchanges
and I commend their hard work in making it a reality." Chairman Harvey
L. Pitt said. "This linkage is a victory for investors who are now
better assured that their orders will be executed at the best published
price."
Today, the linkage is available in 14 option classes to those orders
that are eligible for automatic execution, which are the smaller-sized
orders. The availability of the linkage for these smaller-sized orders
will be rolled out to all classes over the next month. Beginning April
30, the exchanges will roll out the linkage for all other orders. For
more information on the Commission's recent efforts with regard to the
options intermarket linkage, see the SEC News Digest, Issue 2002-238
(December 11, 2002) at sec.gov. (Press
Rel. 2003-17)
ENFORCEMENT PROCEEDINGS
IN THE MATTER OF IVES HEALTH COMPANY, INC.
An Administrative Law Judge has issued an order entering default in the
Matter of Ives Health Company, Inc. The Order Instituting Proceedings
(OIP) alleged that a U.S. District Court permanently enjoined Ives
Health Company, Inc. from violating Sections 5(a) and 17(a) of the
Securities Act of 1933 and Sections 10(b) and 13(a) of the Securities
Exchange Act of 1934 and Rules 10b-5, 12b-20, 12b-25, 13a-1 and 13a-13
thereunder. The order finds the allegations in the OIP to be true and,
pursuant to Section 12(j) of the Securities Exchange Act of 1934 revokes
the registration of the common stock of Ives Health Company, Inc.
(Rel. 34-47291; File No. 3-10871) |
