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]

Download as PDF 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 (http://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 (http://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 http:// 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). VerDate Aug<31>2005 15:33 Oct 04, 2007 Jkt 214001 PO 00000 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 05OCN1 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 (http://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 (http://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 http:// 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 http:// 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 05OCN1

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]


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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 http://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.
---------------------------------------------------------------------------

    \10\ 15 U.S.C. 78f(b).
    \11\ 15 U.S.C. 78f(b)(5).
---------------------------------------------------------------------------

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\
---------------------------------------------------------------------------

    \12\ 15 U.S.C. 78s(b)(3)(A).
    \13\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

    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\
---------------------------------------------------------------------------

    \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).
---------------------------------------------------------------------------

    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 (http://
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 (http://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