Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Extend the Effective Period for Rule 2.12 Regarding Third-Party Routing Services in Respect of Orders Entered into NSX BLADESM, 57087-57089 [E7-19671]
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Federal Register / Vol. 72, No. 193 / Friday, October 5, 2007 / Notices
A. By order approve such proposed
rule change, or
B. institute proceedings to determine
whether the proposed rule change
should be disapproved.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
arguments concerning the foregoing,
including whether the proposed rule
change, as amended, is consistent with
the Act. Comments may be submitted by
any of the following methods:
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.9
Nancy M. Morris,
Secretary.
[FR Doc. E7–19697 Filed 10–4–07; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–56587; File No. SR–NSX–
2007–10]
Electronic Comments
• Use the Commission’s Internet
comment form (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to rulecomments@sec.gov. Please include File
Number SR–NASDAQ–2007–069 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
yshivers on PROD1PC62 with NOTICES
should be submitted on or before
October 26, 2007.
Self-Regulatory Organizations;
National Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of Proposed Rule Change to Extend
the Effective Period for Rule 2.12
Regarding Third-Party Routing
Services in Respect of Orders Entered
into NSX BLADESM
October 1, 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
September 28, 2007, the National Stock
All submissions should refer to File
Exchange, Inc. (‘‘NSX’’ or ‘‘Exchange’’)
Number SR–NASDAQ–2007–069. This
filed with the Securities and Exchange
file number should be included on the
subject line if e-mail is used. To help the Commission (‘‘Commission’’) the
proposed rule change as described in
Commission process and review your
Items I and II below, which Items have
comments more efficiently, please use
only one method. The Commission will been substantially prepared by NSX.
post all comments on the Commission’s The Exchange filed the proposal as a
‘‘non-controversial’’ proposed rule
Internet Web site (https://www.sec.gov/
change pursuant to Section
rules/sro.shtml). Copies of the
19(b)(3)(A)(iii) of the Act 3 and Rule
submission, all subsequent
19b–4(f)(6) thereunder,4 which renders
amendments, all written statements
the proposal effective upon receipt of
with respect to the proposed rule
this filing by the Commission. The
change that are filed with the
Commission is publishing this notice to
Commission, and all written
solicit comments on the proposed rule
communications relating to the
change from interested persons.
proposed rule change between the
Commission and any person, other than I. Self-Regulatory Organization’s
those that may be withheld from the
Statement of the Terms of Substance of
public in accordance with the
the Proposed Rule Change
provisions of 5 U.S.C. 552, will be
The Exchange is proposing to extend
available for inspection and copying in
the effective period for Rule 2.12, which
the Commission’s Public Reference
describes the terms under which the
Room, 100 F Street, NE., Washington,
Exchange provides routing services
DC 20549, on official business days
procured from a third party with respect
between the hours of 10 am and 3 pm.
to orders entered into its trading system,
Copies of such filing also will be
NSX BLADESM. The text of the
available for inspection and copying at
proposed rule change is available at
the principal office of Nasdaq. All
NSX, the Commission’s Public
comments received will be posted
Reference Room, and https://
without change; the Commission does
www.nsx.com.
not edit personal identifying
information from submissions. You
9 17 CFR 200.30–3(a)(12).
should submit only information that
1 15 U.S.C. 78s(b)(1).
you wish to make available publicly. All
2 17 CFR 240.19b–4.
submissions should refer to File
3 15 U.S.C. 78s(b)(3)(A)(iii).
Number SR–NASDAQ–2007–069 and
4 17 CFR 240.19b–4(f)(6).
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15:33 Oct 04, 2007
Jkt 214001
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Frm 00107
Fmt 4703
Sfmt 4703
57087
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 IV below. The
Exchange has prepared summaries, set
forth in Sections A, B, and C below, of
the most significant parts of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
The Exchange is proposing to amend
Exchange Rules 2.11 and 2.12 to extend
the effective period for Rule 2.12
(relating to the Exchange’s use of a third
party to provide outbound routing of
orders from the Exchange to other
trading centers (‘‘Routing Services’’)
through March 31, 2008, and to delay
the effectiveness of Rule 2.11 (relating to
the outbound routing function of the
Exchange’s affiliate, NSX Securities,
LLC) until April 1, 2008.
Rule 2.11 provides for certain terms
and conditions under which NSX
Securities, LLC (‘‘NSX Securities’’), an
affiliate of the Exchange, will provide
Routing Services. Rule 2.11 was
approved by the Commission in
connection with the approval of the
Exchange’s new trading rules relating to
NSX BLADE on August 31, 2006.5 The
Exchange filed and received approval
for the addition of Rule 2.12, which
provides for terms and conditions of the
Exchange’s use of a third party to
provide Routing Services.6 The
Exchange subsequently filed to extend
the effective period for Rule 2.12.7
Rule 2.12 currently provides that it is
effective through September 30, 2007,
with Rule 2.11 becoming effective on
October 1, 2007. In connection with the
rule filing adding Rule 2.12,8 the
5 See Securities Exchange Act Release No. 54391
(August 31, 2006), 71 FR 52836 (September 7, 2006)
(SR–NSX–2006–08).
6 See Securities Exchange Act Release No. 54808
(November 21, 2006), 71 FR 69163 (November 29,
2006) (SR–NSX–2006–15).
7 See Securities Exchange Act Release Nos. 55624
(April 12, 2007), 72 FR 19732 (April 19, 2007) (SR–
NSX–2007–04) and 56067 (July 13, 2007), 72 FR
39650 (July 19, 2007) (SR–NSX–2007–08).
8 See Securities Exchange Act Release No. 54808
(November 21, 2006), 71 FR 69163 (November 29,
2006) (SR–NSX–2006–15).
E:\FR\FM\05OCN1.SGM
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57088
Federal Register / Vol. 72, No. 193 / Friday, October 5, 2007 / Notices
Exchange requested this finite period of
effectiveness so that the Exchange could
offer routing services through NSX
BLADE while NSX Securities completed
its registration process as a brokerdealer with the National Association of
Securities Dealers, Inc. (and thus
became available to provide routing
services),9 and while the Exchange
evaluated its options for providing
routing services to ETP Holders.
In the instant rule filing, the Exchange
is proposing to extend the effectiveness
of Rule 2.12 through March 31, 2008,
and to delay the effectiveness of Rule
2.11 until April 1, 2008, in order to
allow the Exchange more time to
evaluate its options for providing
routing services to ETP Holders. The
ability to route orders entered into NSX
BLADE to away markets for execution at
the best available prices is a key feature
of NSX’s new system.
The Exchange intends to provide
routing services in accordance with
Rule 2.12 until March 31, 2008, unless
the Exchange, with the Commission’s
approval, amends Rule 2.12 before such
date. During such time period, the
Exchange intends to evaluate its options
for providing routing services. At the
conclusion of such time period, the
Exchange may decide to (i) continue the
approach provided for in Rule 2.12 on
a permanent basis, and not use NSX
Securities as the outbound router (by
filing a proposed rule change to delete
Rule 2.11 and renumbering Rule 2.12);
(ii) use the Exchange’s original approach
of NSX Securities as an outbound router
and discontinue the approach provided
for in Rule 2.12 (by filing a proposed
rule change to delete Rule 2.12) or (iii)
file a proposed rule change to allow ETP
Holders to use either NSX Securities or
the approach provided for in proposed
Rule 2.12 for outbound routing.
2. Statutory Basis
yshivers on PROD1PC62 with NOTICES
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6(b) of the
Act,10 in general, and Section 6(b)(5) of
the Act,11 in particular, which requires,
among other things, that the rules of an
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
9 In January 2007, NSX Securities’ application for
registration as a broker-dealer was approved by the
National Association of Securities Dealers, Inc. (n/
k/a the Financial Industry Regulatory Authority,
Inc. (‘‘FINRA’’)). To date, the Exchange has not used
NSX Securities for routing services.
10 15 U.S.C. 78f(b).
11 15 U.S.C. 78f(b)(5).
VerDate Aug<31>2005
15:33 Oct 04, 2007
Jkt 214001
general, to protect investors and the
public interest.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will impose
any inappropriate burden on
competition.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The Exchange has neither solicited
nor received written comments on the
proposed rule change.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule
change does not: (i) Significantly affect
the protection of investors or the public
interest; (ii) impose any significant
burden on competition; and (iii) become
operative for 30 days from the date on
which it was filed, or such shorter time
as the Commission may designate, if
consistent with the protection of
investors and the public interest, it has
become effective pursuant to Section
19(b)(3)(A) of the Act 12 and Rule 19b–
4(f)(6) thereunder.13
Normally, a proposed rule change
filed under 19b–4(f)(6) may not become
operative prior to 30 days after the date
of filing. However, Rule 19b–
4(f)(6)(iii) 14 permits the Commission to
designate a shorter time if such action
is consistent with the protection of
investors and the public interest. The
Exchange has requested that the
Commission waive the 30-day operative
delay.15 The Commission believes that
waiving the 30-day operative delay is
consistent with the protection of
investors and the public interest
because such waiver would permit the
Exchange to immediately update the
effective dates for NSX Rules 2.11 and
2.12. For this reason, the Commission
designates the proposed rule change to
12 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6).
14 17 CFR 240.19b–4(f)(6)(iii).
15 In addition, Rule 19b–4(f)(6)(iii) requires that a
self-regulatory organization submit to the
Commission written notice of its intent to file the
proposed rule change, along with a brief description
and text of the proposed rule change, at least five
business days prior to the date of filing of the
proposed rule change, or such shorter time as
designated by the Commission. The Commission is
exercising its authority to designate a shorter time,
and notes that the Exchange provided the
Commission with written notice of its intention to
file the proposed rule change on September 25,
2007.
13 17
PO 00000
Frm 00108
Fmt 4703
Sfmt 4703
be operative upon filing with the
Commission.16
At any time within 60 days of the
filing of the proposed rule change, the
Commission may summarily abrogate
such rule change if it appears to the
Commission that such action is
necessary or appropriate in the public
interest, for the protection of investors,
or otherwise in furtherance of the
purposes of the Act.
IV. 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 (https://www.sec.gov/
rules/sro.shtml); or
• Send an e-mail to
rule-comments@sec.gov. Please include
File Number SR–NSX–2007–10 on the
subject line.
Paper Comments
• Send paper comments in triplicate
to Nancy M. Morris, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File No.
SR–NSX–2007–10. This file number
should be included in the subject line
if e-mail is used. To help the
Commission process and review
comments more efficiently, please use
only one method. The Commission will
post all comments on the Commission’s
Internet Web site (https://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, 100 F Street, NE., Washington,
DC 20549, on official business days
between the hours of 10 a.m. and 3 p.m.
Copies of such filing also will be
available for inspection and copying at
16 For the purposes only of waiving the 30-day
operative delay, the Commission has considered the
proposed rule’s impact on efficiency, competition,
and capital formation. See 15 U.S.C. 78c(f).
E:\FR\FM\05OCN1.SGM
05OCN1
Federal Register / Vol. 72, No. 193 / Friday, October 5, 2007 / Notices
the principal office of NSX. 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–NSX–2007–10 and should
be submitted on or before October 26,
2007.
For the Commission, by the Division of
Market Regulation, pursuant to delegated
authority.17
Nancy M. Morris,
Secretary.
[FR Doc. E7–19671 Filed 10–4–07; 8:45 am]
BILLING CODE 8011–01–P
DEPARTMENT OF STATE
[Public Notice 5952]
Bureau of Consular Affairs;
Registration for the Diversity
Immigrant (DV–2009) Visa Program
Action: Notice of registration for the
Diversity Immigrant Visa Program.
This public notice provides
information on how to apply for the
DV–2009 Program. This notice is issued
pursuant to 22 CFR 42.33(b)(3) which
implements sections 201(a)(3), 201(e),
203(c) and 204(a)(1)(I) of the
Immigration and Nationality Act, as
amended, (8 U.S.C. 1151, 1153, and
1154(a)(1)(I)).
yshivers on PROD1PC62 with NOTICES
Instructions for the 2009 Diversity
Immigrant Visa Program (DV–2009)
The congressionally mandated
Diversity Immigrant Visa Program is
administered on an annual basis by the
Department of State and conducted
under the terms of Section 203(c) of the
Immigration and Nationality Act (INA).
Section 131 of the Immigration Act of
1990 (Pub. L. 101–649) that amended
INA 203 provides for a class of
immigrants known as ‘‘diversity
immigrants.’’ Section 203(c) of the INA
provides a maximum of up to 55,000
Diversity Visas (DV) each fiscal year to
be made available to persons from
countries with low rates of immigration
to the United States.
The annual DV program makes
permanent residence visas available to
persons meeting the simple, but strict,
eligibility requirements. A computergenerated random lottery drawing
chooses selectees for diversity visas.
The visas are distributed among six
geographic regions with a greater
number of visas going to regions with
17 17
CFR 200.30–3(a)(12).
VerDate Aug<31>2005
15:33 Oct 04, 2007
Jkt 214001
lower rates of immigration, and with no
visas going to nationals of countries
sending more than 50,000 immigrants to
the U.S. over the period of the past five
years. Within each region, no one
country may receive more than seven
percent of the available Diversity Visas
in any one year.
For DV–2009, natives of the following
countries are not eligible to apply
because the countries sent a total of
more than 50,000 immigrants to the U.S.
in the previous five years (the term
‘‘country’’ in this notice includes
countries, economies and other
jurisdictions explicitly listed in this
notice):
Brazil, Canada, China (mainland-born),
Colombia, Dominican Republic,
Ecuador, El Salvador, Guatemala,
Haiti, India, Jamaica, Mexico,
Pakistan, Peru, Philippines, Poland,
Russia, South Korea, United Kingdom
(except Northern Ireland) and its
dependent territories, and Vietnam.
Persons born in Hong Kong SAR,
Macau SAR and Taiwan are eligible.
The Department of State implemented
the electronic registration system
beginning with DV–2005 in order to
make the Diversity Visa process more
efficient and secure. The Department
utilizes special technology and other
means to identify those who commit
fraud for the purposes of illegal
immigration or who submit multiple
entries.
Diversity Visa Registration Period
Entries for the DV–2009 Diversity
Visa Lottery must be submitted
electronically between noon, Eastern
Daylight Time (EDT) (GMT–4),
Wednesday, October 3, 2007 and noon,
Eastern Standard Time (EST) (GMT–5)
Sunday, December 2, 2007. Applicants
may access the Electronic Diversity Visa
Entry Form (E–DV) at https://
www.dvlottery.state.gov during the
registration period. Paper entries will
not be accepted. Applicants are strongly
encouraged not to wait until the last
week of the registration period to enter.
Heavy demand may result in website
delays. No entries will be accepted after
noon, EST, on December 2, 2007.
Requirements for Entry
To enter the DV lottery, you must be
a native of one of the listed countries.
See ‘‘List of Countries by Region Whose
Natives Qualify.’’ In most cases this
means the country in which you were
born. However, there are two other ways
you may be able to qualify. First, if you
were born in a country whose natives
are ineligible but your spouse was born
in a country whose natives are eligible,
PO 00000
Frm 00109
Fmt 4703
Sfmt 4703
57089
you can claim your spouse’s country of
birth provided both you and your
spouse are on the selected entry, are
issued visas and enter the U.S.
simultaneously. Second, if you were
born in a country whose natives are
ineligible, but neither of your parents
was born there or resided there at the
time of your birth, you may claim
nativity in one of your parents’ country
of birth if it is a country whose natives
qualify for the DV–2009 program.
To enter the lottery, you must meet
either the education or work experience
requirement of the DV program. You
must have either a high school
education or its equivalent, defined as
successful completion of a 12-year
course of elementary and secondary
education; OR two years of work
experience within the past five years in
an occupation requiring at least two
years of training or experience to
perform. The U.S. Department of Labor’s
O*Net OnLine database will be used to
determine qualifying work experience.
For more information about qualifying
work experience, see Frequently Asked
Question #13.
If you cannot meet these
requirements, you should NOT submit
an entry to the DV program.
Procedures for Submitting an Entry to
DV–2009
The Department of State will only
accept completed Electronic Diversity
Visa Entry Forms submitted
electronically at https://
www.dvlottery.state.gov during the
registration period between noon,
Eastern Daylight Time (EDT) (GMT–4),
Wednesday, October 3, 2007 and noon,
Eastern Standard Time (EST) (GMT–5)
Sunday, December 2, 2007.
All entries by an individual will be
disqualified if more than ONE entry for
that individual is received, regardless of
who submitted the entry. You may
prepare and submit your own entry, or
have someone submit the entry for you.
A successfully registered entry will
result in the display of a confirmation
screen containing your name, date of
birth, country of chargeability, and a
date/time stamp. You may print this
confirmation screen for your records
using the print function of your web
browser.
Paper entries will not be accepted.
Your entry will be disqualified if all
required photographs are not submitted.
Recent photographs of the following
people must be submitted electronically
with the Electronic Diversity Visa Entry
Form: You; your spouse; each
unmarried child under 21 years of age,
including all natural children as well as
all legally-adopted children and
E:\FR\FM\05OCN1.SGM
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]]>Agencies
[Federal Register Volume 72, Number 193 (Friday, October 5, 2007)]
[Notices]
[Pages 57087-57089]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-19671]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-56587; File No. SR-NSX-2007-10]
Self-Regulatory Organizations; National Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of Proposed Rule Change to
Extend the Effective Period for Rule 2.12 Regarding Third-Party Routing
Services in Respect of Orders Entered into NSX BLADE\SM\
October 1, 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 September 28, 2007, the National Stock Exchange, Inc. (``NSX'' 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 NSX. The
Exchange filed the proposal as a ``non-controversial'' proposed rule
change pursuant to Section 19(b)(3)(A)(iii) of the Act \3\ and Rule
19b-4(f)(6) thereunder,\4\ which renders the proposal effective upon
receipt of this filing by the Commission. The Commission is publishing
this notice to solicit comments on the proposed rule change from
interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 15 U.S.C. 78s(b)(3)(A)(iii).
\4\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The Exchange is proposing to extend the effective period for Rule
2.12, which describes the terms under which the Exchange provides
routing services procured from a third party with respect to orders
entered into its trading system, NSX BLADE\SM\. The text of the
proposed rule change is available at NSX, the Commission's Public
Reference Room, and https://www.nsx.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 IV below. The Exchange has prepared summaries, set forth in
Sections A, B, and C below, of the most significant parts of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
The Exchange is proposing to amend Exchange Rules 2.11 and 2.12 to
extend the effective period for Rule 2.12 (relating to the Exchange's
use of a third party to provide outbound routing of orders from the
Exchange to other trading centers (``Routing Services'') through March
31, 2008, and to delay the effectiveness of Rule 2.11 (relating to the
outbound routing function of the Exchange's affiliate, NSX Securities,
LLC) until April 1, 2008.
Rule 2.11 provides for certain terms and conditions under which NSX
Securities, LLC (``NSX Securities''), an affiliate of the Exchange,
will provide Routing Services. Rule 2.11 was approved by the Commission
in connection with the approval of the Exchange's new trading rules
relating to NSX BLADE on August 31, 2006.\5\ The Exchange filed and
received approval for the addition of Rule 2.12, which provides for
terms and conditions of the Exchange's use of a third party to provide
Routing Services.\6\ The Exchange subsequently filed to extend the
effective period for Rule 2.12.\7\
---------------------------------------------------------------------------
\5\ See Securities Exchange Act Release No. 54391 (August 31,
2006), 71 FR 52836 (September 7, 2006) (SR-NSX-2006-08).
\6\ See Securities Exchange Act Release No. 54808 (November 21,
2006), 71 FR 69163 (November 29, 2006) (SR-NSX-2006-15).
\7\ See Securities Exchange Act Release Nos. 55624 (April 12,
2007), 72 FR 19732 (April 19, 2007) (SR-NSX-2007-04) and 56067 (July
13, 2007), 72 FR 39650 (July 19, 2007) (SR-NSX-2007-08).
---------------------------------------------------------------------------
Rule 2.12 currently provides that it is effective through September
30, 2007, with Rule 2.11 becoming effective on October 1, 2007. In
connection with the rule filing adding Rule 2.12,\8\ the
[[Page 57088]]
Exchange requested this finite period of effectiveness so that the
Exchange could offer routing services through NSX BLADE while NSX
Securities completed its registration process as a broker-dealer with
the National Association of Securities Dealers, Inc. (and thus became
available to provide routing services),\9\ and while the Exchange
evaluated its options for providing routing services to ETP Holders.
---------------------------------------------------------------------------
\8\ See Securities Exchange Act Release No. 54808 (November 21,
2006), 71 FR 69163 (November 29, 2006) (SR-NSX-2006-15).
\9\ In January 2007, NSX Securities' application for
registration as a broker-dealer was approved by the National
Association of Securities Dealers, Inc. (n/k/a the Financial
Industry Regulatory Authority, Inc. (``FINRA'')). To date, the
Exchange has not used NSX Securities for routing services.
---------------------------------------------------------------------------
In the instant rule filing, the Exchange is proposing to extend the
effectiveness of Rule 2.12 through March 31, 2008, and to delay the
effectiveness of Rule 2.11 until April 1, 2008, in order to allow the
Exchange more time to evaluate its options for providing routing
services to ETP Holders. The ability to route orders entered into NSX
BLADE to away markets for execution at the best available prices is a
key feature of NSX's new system.
The Exchange intends to provide routing services in accordance with
Rule 2.12 until March 31, 2008, unless the Exchange, with the
Commission's approval, amends Rule 2.12 before such date. During such
time period, the Exchange intends to evaluate its options for providing
routing services. At the conclusion of such time period, the Exchange
may decide to (i) continue the approach provided for in Rule 2.12 on a
permanent basis, and not use NSX Securities as the outbound router (by
filing a proposed rule change to delete Rule 2.11 and renumbering Rule
2.12); (ii) use the Exchange's original approach of NSX Securities as
an outbound router and discontinue the approach provided for in Rule
2.12 (by filing a proposed rule change to delete Rule 2.12) or (iii)
file a proposed rule change to allow ETP Holders to use either NSX
Securities or the approach provided for in proposed Rule 2.12 for
outbound routing.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) of the Act,\10\ in general, and
Section 6(b)(5) of the Act,\11\ in particular, which requires, among
other things, that the rules of an 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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\10\ 15 U.S.C. 78f(b).
\11\ 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 inappropriate burden on competition.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
The Exchange has neither solicited nor received written comments on
the proposed rule change.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing proposed rule change does not: (i)
Significantly affect the protection of investors or the public
interest; (ii) impose any significant burden on competition; and (iii)
become operative for 30 days from the date on which it was filed, or
such shorter time as the Commission may designate, if consistent with
the protection of investors and the public interest, it has become
effective pursuant to Section 19(b)(3)(A) of the Act \12\ and Rule 19b-
4(f)(6) thereunder.\13\
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\12\ 15 U.S.C. 78s(b)(3)(A).
\13\ 17 CFR 240.19b-4(f)(6).
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Normally, a proposed rule change filed under 19b-4(f)(6) may not
become operative prior to 30 days after the date of filing. However,
Rule 19b-4(f)(6)(iii) \14\ permits the Commission to designate a
shorter time if such action is consistent with the protection of
investors and the public interest. The Exchange has requested that the
Commission waive the 30-day operative delay.\15\ The Commission
believes that waiving the 30-day operative delay is consistent with the
protection of investors and the public interest because such waiver
would permit the Exchange to immediately update the effective dates for
NSX Rules 2.11 and 2.12. For this reason, the Commission designates the
proposed rule change to be operative upon filing with the
Commission.\16\
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\14\ 17 CFR 240.19b-4(f)(6)(iii).
\15\ In addition, Rule 19b-4(f)(6)(iii) requires that a self-
regulatory organization submit to the Commission written notice of
its intent to file the proposed rule change, along with a brief
description and text of the proposed rule change, at least five
business days prior to the date of filing of the proposed rule
change, or such shorter time as designated by the Commission. The
Commission is exercising its authority to designate a shorter time,
and notes that the Exchange provided the Commission with written
notice of its intention to file the proposed rule change on
September 25, 2007.
\16\ For the purposes only of waiving the 30-day operative
delay, the Commission has considered the proposed rule's impact on
efficiency, competition, and capital formation. See 15 U.S.C.
78c(f).
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At any time within 60 days of the filing of the proposed rule
change, the Commission may summarily abrogate such rule change if it
appears to the Commission that such action is necessary or appropriate
in the public interest, for the protection of investors, or otherwise
in furtherance of the purposes of the Act.
IV. 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 (https://
www.sec.gov/rules/sro.shtml); or
Send an e-mail to rule-comments@sec.gov. Please include
File Number SR-NSX-2007-10 on the subject line.
Paper Comments
Send paper comments in triplicate to Nancy M. Morris,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File No. SR-NSX-2007-10. This file
number should be included in the subject line if e-mail is used. To
help the Commission process and review comments more efficiently,
please use only one method. The Commission will post all comments on
the Commission's Internet Web site (https://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, 100 F Street, NE.,
Washington, DC 20549, on official business days between the hours of 10
a.m. and 3 p.m. Copies of such filing also will be available for
inspection and copying at
[[Page 57089]]
the principal office of NSX. 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-NSX-2007-10 and should be submitted on or before October
26, 2007.
For the Commission, by the Division of Market Regulation,
pursuant to delegated authority.\17\
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\17\ 17 CFR 200.30-3(a)(12).
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Nancy M. Morris,
Secretary.
[FR Doc. E7-19671 Filed 10-4-07; 8:45 am]
BILLING CODE 8011-01-P
