Notice of an Application of the New York Stock Exchange, Inc. for an Exemption Pursuant to Section

SECURITIES AND EXCHANGE COMMISSION [RELEASE NO. 34-51998; File No. S7-06-05] July 8, 2005 Notice of an Application of the New York Stock Exchange, Inc. for an Exemption Pursuant to Section 36 of the Securities Exchange Act of 1934 and Request for Comment On May 26, 2005, the Securities and Exchange Commission received an application from 1the New York Stock Exchange, Inc. (“NYSE”) for an exemption pursuant to Section 36 of the 2Securities Exchange Act of 1934, in accordance with the procedures set forth in Exchange Act 3 4Rule 0-12. The NYSE requests exemptive relief from Section 12(a) of the Exchange Act to permit its members, brokers and dealers to trade certain unregistered debt securities on the 5NYSE’s Automated Bond System. We are publishing this notice and a proposed exemptive 6order to provide interested persons with an opportunity to comment.I. Background Section 12(a) of the Exchange Act provides in relevant part that it “shall be unlawful for any member, broker or dealer to effect any transaction in any security (other than an exempted security) on a national securities exchange unless a registration is effective as to such security for 1 15 U.S.C. 78mm. Section 36 of the Exchange Act gives the Commission the authority to exempt any person, security or transaction from any Exchange Act provision by rule, regulation or order, to the extent that the exemption is necessary or appropriate ...