Self-Regulatory Organizations; National Stock Exchange, Inc.; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to the Operative Date of NSX Rule 2.11, 49227-49228 [E8-19228]
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Federal Register / Vol. 73, No. 162 / Wednesday, August 20, 2008 / Notices
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 on official business days between
the hours of 10 a.m. and 3 p.m. Copies
of the Amendments also will be
available for inspection and copying at
the principal office of the CTA. 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–CTA/CQ–2008–02 and
should be submitted on or before
September 10, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.7
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–19229 Filed 8–19–08; 8:45 am]
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–58354; File No. SR–NSX–
2008–15]
Self-Regulatory Organizations;
National Stock Exchange, Inc.; Notice
of Filing and Immediate Effectiveness
of a Proposed Rule Change Relating to
the Operative Date of NSX Rule 2.11
August 13, 2008.
dwashington3 on PRODPC61 with NOTICES
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934 (the
‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on August 8,
2008, National Stock Exchange, Inc.
(‘‘NSX’’ or the ‘‘Exchange’’) filed with
the Securities and Exchange
Commission (‘‘Commission’’) the
proposed rule change, as described in
Items I, II, and III below, which Items
have been prepared by the Exchange.
The Commission is publishing this
notice to solicit comment on the
proposed rule change from interested
persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
The National Stock Exchange, Inc.
(‘‘NSX’’ or the ‘‘Exchange’’) is proposing
to accelerate the effectiveness of NSX
Rule 2.11 in order to implement
outbound routing through NSX
Securities, LLC (‘‘NSX Securities’’) and
CFR 200.30–3(a)(27).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
1 15
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15:36 Aug 19, 2008
Jkt 214001
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
BILLING CODE 8010–01–P
7 17
to amend NSX Rule 2.12 which relates
to the Exchange’s provision of routing
services procured from a third party.
The text of the proposed rule change
is available on the Exchange’s Web site
at https://www.nsx.com, at the principal
office of the Exchange, and at the
Commission’s Public Reference Room.
1. Purpose
The Exchange is proposing to
accelerate the effectiveness of NSX Rule
2.11 in order to implement outbound
routing with respect to orders entered in
the Exchange’s trading system, NSX
BLADE , through an affiliate of the
Exchange, NSX Securities. In addition,
the Exchange proposes to amend NSX
Rule 2.12 which relates to the
Exchange’s current provision of
outbound routing of orders from the
Exchange to other trading centers
(‘‘Routing Services’’) using a third party.
As background, the Exchange
originally planned to provide Routing
Services for orders entered into NSX
BLADE through NSX Securities. NSX
Rule 2.11 was approved by the
Securities and Exchange Commission
(‘‘Commission’’) in connection with the
approval of the Exchange’s new trading
rules relating to NSX BLADE on August
31, 2006.3 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. NSX Rule 2.11 specifically
provides for certain terms and
conditions under which NSX Securities
will provide Routing Services. Among
other things, an ETP Holder’s use of
NSX Securities to route orders to
3 See Securities Exchange Act Release No. 54391
(August 31, 2006), 71 FR 52836 (September 7,
2006), File No. SR–NSX–2006–08. This rule change
filing was filed under Section 19(b)(2) of the
Securities Exchange Act of 1934 (the ‘‘Act’’).
PO 00000
Frm 00069
Fmt 4703
Sfmt 4703
49227
another Trading Center is optional. ETP
Holders that do not want to route orders
through NSX Securities may submit
order instructions to NSX under NSX
Rule 11.11 such as Immediate-orCancel, Post Only or NSX Only.
However, as NSX Securities had not
completed its registration process as a
broker-dealer with the National
Association of Securities Dealers, Inc.
(‘‘NASD’’) (and thus would not be
available to provide Routing Services)
by the launch of NSX BLADE,4 the
Exchange proposed the adoption of NSX
Rule 2.12 so that the Exchange could
route through a third party in the
interim period.5 In the adoption of Rule
2.12, the Exchange requested a finite
period of effectiveness so NSX
Securities could complete its
registration as a broker-dealer and the
Exchange could evaluate its options for
providing Routing Services to ETP
Holders. The Exchange subsequently
filed several rule change proposals to
extend the effective period for NSX Rule
2.12, and to delay the effectiveness of
NSX Rule 2.11 to certain dates, unless
earlier amended, while the Exchange
considered its options and made system
and other changes to implement
outbound routing through NSX
Securities.6 Rule 2.12 currently provides
that it is effective through September 30,
2008, with the ability to route through
NSX Securities under Rule 2.11
becoming effective on October 1, 2008.
In the instant proposed rule change,
the Exchange is requesting that the
operative date of Rule 2.11 be
accelerated to August 8, 2008. The
Exchange and NSX Securities have
made all necessary changes to activate
NSX Securities, including NSX
Securities being approved as a brokerdealer, entering into a clearing and
routing agreement, and making the
required systems and regulatory
changes. Further, because the current
Rule 2.12 is effective until September
30, 2008, the Exchange proposes to
amend NSX Rule 2.12 to provide that
during that period it be operative only
in the event that the Exchange is not
4 In January 2007, NSX Securities’ application for
registration as a broker-dealer was approved by the
NASD. To date, the Exchange has not used NSX
Securities for routing services.
5 See Securities Exchange Act Release No. 54808
(November 21, 2006), 71 FR 69163 (November 29,
2006), File No. SR–NSX–2006–15.
6 See Securities Exchange Act Release No. 55624
(April 12, 2007), 72 FR 19732 (April 19, 2007), File
No. SR–NSX–2007–04; Securities Exchange Act
Release No. 56067 (July 13, 2007), 72 FR 39650
(July 19, 2007), File No. SR–NSX–2007–08;
Securities Exchange Act Release No. 56587 (October
1, 2007), 72 FR 57087 (October 5, 2007), File No.
SR–NSX–2007–10; and Securities Exchange Act
Release No. 57574 (March 27, 2008), 73 FR 18026
(April 2, 2008), File No. SR–NSX–2008–08.
E:\FR\FM\20AUN1.SGM
20AUN1
49228
Federal Register / Vol. 73, No. 162 / Wednesday, August 20, 2008 / Notices
able to provide Routing Services
through Rule 2.11. Thus, an alternative
router would be available as necessary,
and on an all-or-none basis, in the
course of transitioning the Routing
Services to NSX Securities under Rule
2.11. This rule change proposal does not
change Rule 2.12’s current expiration of
September 30, 2008.
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6(b) of the
Act,7 in general, and Section 6(b)(5) of
the Act,8 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.
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.
dwashington3 on PRODPC61 with NOTICES
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
The proposed rule change will take
effect upon filing pursuant to Section
19(b)(3)(A)(iii) of the Act 9 and
subparagraph (f)(5) of Rule 19b–4 10
thereunder, because the proposal effects
a change in an existing order-entry
system or trading system of a selfregulatory organization that: (i) Does not
significantly affect the protection of
investors or the public interest; (ii) does
not impose any significant burden on
competition; and (iii) does not have the
effect of limiting the access to or
availability of the system. This proposal
does not raise these concerns as it
primarily pertains to the operative date
of a rule that has already been approved
by the Commission through a rule
change filed under Section 19(b)(2) of
the Act. At any time within sixty (60)
days of the filing of such proposed rule
7 15
U.S.C. 78f(b).
U.S.C. 78f(b)(5).
9 15 U.S.C. 78s(b)(3)(A)(iii).
10 17 CFR 240.19b–4.
8 15
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15:36 Aug 19, 2008
Jkt 214001
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 rulecomments@sec.gov. Please include File
Number SR–NSX–2008–15 on the
subject line.
2008–15 and should be submitted on or
before September 10, 2008.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.11
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8–19228 Filed 8–19–08; 8:45 am]
BILLING CODE 8010–01–P
SECURITIES AND EXCHANGE
COMMISSION
[File No. 500–1]
In the Matter of Pacific Gateway
Exchange, Inc., Pallet Management
Systems, Inc., Panaco, Inc., Paragon
Financial Corp. (n/k/a NewMarket Latin
America, Inc.), and Patriot Motorcycle
Corp.; Order of Suspension of Trading
August 18, 2008
It appears to the Securities and
Exchange Commission that there is a
Paper Comments
lack of current and accurate information
concerning the securities of Pacific
• Send paper comments in triplicate
Gateway Exchange, Inc. because it has
to Secretary, Securities and Exchange
not filed any periodic reports since the
Commission, 100 F Street, NE.,
period ended September 30, 2000.
Washington, DC 20549–1090.
It appears to the Securities and
All submissions should refer to File
Exchange Commission that there is a
Number SR–NSX–2008–15. This file
lack of current and accurate information
number should be included on the
concerning the securities of Pallet
subject line if e-mail is used. To help the Management Systems, Inc. because it
Commission process and review your
has not filed any periodic reports since
comments more efficiently, please use
the period ended September 28, 2002.
only one method. The Commission will
It appears to the Securities and
post all comments on the Commission’s Exchange Commission that there is a
Internet Web site (https://www.sec.gov/
lack of current and accurate information
rules/sro.shtml). Copies of the
concerning the securities of Panaco, Inc.
submission, all subsequent
because it has not filed any periodic
amendments, all written statements
reports since the period ended March
with respect to the proposed rule
31, 2002.
change that are filed with the
It appears to the Securities and
Commission, and all written
Exchange Commission that there is a
communications relating to the
lack of current and accurate information
proposed rule change between the
concerning the securities of Paragon
Commission and any person, other than Financial Corp. (n/k/a NewMarket Latin
those that may be withheld from the
America, Inc.) because it has not filed
public in accordance with the
any periodic reports since the period
provisions of 5 U.S.C. 552, will be
ended December 31, 2005.
available for inspection and copying in
It appears to the Securities and
the Commission’s Public Reference
Exchange Commission that there is a
Room, 100 F Street, NE., Washington,
lack of current and accurate information
DC 20549, on official business days
concerning the securities of Patriot
between the hours of 10 a.m. and 3 p.m. Motorcycle Corp. because it has not
Copies of the filing also will be available filed any periodic reports since the
for inspection and copying at the
period ended December 31, 2005.
principal office of the self-regulatory
The Commission is of the opinion that
organization. All comments received
the public interest and the protection of
will be posted without change; the
investors require a suspension of trading
Commission does not edit personal
in the securities of the above-listed
identifying information from
companies.
submissions. You should submit only
Therefore, it is ordered, pursuant to
information that you wish to make
Section 12(k) of the Securities Exchange
available publicly. All submissions
11 17 CFR 200.30–3(a)(12).
should refer to File Number SR–NSX–
PO 00000
Frm 00070
Fmt 4703
Sfmt 4703
E:\FR\FM\20AUN1.SGM
20AUN1
]]>Agencies
[Federal Register Volume 73, Number 162 (Wednesday, August 20, 2008)]
[Notices]
[Pages 49227-49228]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-19228]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-58354; File No. SR-NSX-2008-15]
Self-Regulatory Organizations; National Stock Exchange, Inc.;
Notice of Filing and Immediate Effectiveness of a Proposed Rule Change
Relating to the Operative Date of NSX Rule 2.11
August 13, 2008.
Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934
(the ``Act'') \1\ and Rule 19b-4 thereunder,\2\ notice is hereby given
that on August 8, 2008, National Stock Exchange, Inc. (``NSX[reg]'' or
the ``Exchange'') filed with the Securities and Exchange Commission
(``Commission'') the proposed rule change, as described in Items I, II,
and III below, which Items have been prepared by the Exchange. The
Commission is publishing this notice to solicit comment on the proposed
rule change from interested persons.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of Substance
of the Proposed Rule Change
The National Stock Exchange, Inc. (``NSX'' or the ``Exchange'') is
proposing to accelerate the effectiveness of NSX Rule 2.11 in order to
implement outbound routing through NSX Securities, LLC (``NSX
Securities'') and to amend NSX Rule 2.12 which relates to the
Exchange's provision of routing services procured from a third party.
The text of the proposed rule change is available on the Exchange's
Web site at https://www.nsx.com, at the principal office of the
Exchange, and at the Commission's Public Reference Room.
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 accelerate the effectiveness of NSX
Rule 2.11 in order to implement outbound routing with respect to orders
entered in the Exchange's trading system, NSX BLADE [reg], through an
affiliate of the Exchange, NSX Securities. In addition, the Exchange
proposes to amend NSX Rule 2.12 which relates to the Exchange's current
provision of outbound routing of orders from the Exchange to other
trading centers (``Routing Services'') using a third party.
As background, the Exchange originally planned to provide Routing
Services for orders entered into NSX BLADE through NSX Securities. NSX
Rule 2.11 was approved by the Securities and Exchange Commission
(``Commission'') in connection with the approval of the Exchange's new
trading rules relating to NSX BLADE on August 31, 2006.\3\ 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. NSX
Rule 2.11 specifically provides for certain terms and conditions under
which NSX Securities will provide Routing Services. Among other things,
an ETP Holder's use of NSX Securities to route orders to another
Trading Center is optional. ETP Holders that do not want to route
orders through NSX Securities may submit order instructions to NSX
under NSX Rule 11.11 such as Immediate-or-Cancel, Post Only or NSX
Only.
---------------------------------------------------------------------------
\3\ See Securities Exchange Act Release No. 54391 (August 31,
2006), 71 FR 52836 (September 7, 2006), File No. SR-NSX-2006-08.
This rule change filing was filed under Section 19(b)(2) of the
Securities Exchange Act of 1934 (the ``Act'').
---------------------------------------------------------------------------
However, as NSX Securities had not completed its registration
process as a broker-dealer with the National Association of Securities
Dealers, Inc. (``NASD'') (and thus would not be available to provide
Routing Services) by the launch of NSX BLADE,\4\ the Exchange proposed
the adoption of NSX Rule 2.12 so that the Exchange could route through
a third party in the interim period.\5\ In the adoption of Rule 2.12,
the Exchange requested a finite period of effectiveness so NSX
Securities could complete its registration as a broker-dealer and the
Exchange could evaluate its options for providing Routing Services to
ETP Holders. The Exchange subsequently filed several rule change
proposals to extend the effective period for NSX Rule 2.12, and to
delay the effectiveness of NSX Rule 2.11 to certain dates, unless
earlier amended, while the Exchange considered its options and made
system and other changes to implement outbound routing through NSX
Securities.\6\ Rule 2.12 currently provides that it is effective
through September 30, 2008, with the ability to route through NSX
Securities under Rule 2.11 becoming effective on October 1, 2008.
---------------------------------------------------------------------------
\4\ In January 2007, NSX Securities' application for
registration as a broker-dealer was approved by the NASD. To date,
the Exchange has not used NSX Securities for routing services.
\5\ See Securities Exchange Act Release No. 54808 (November 21,
2006), 71 FR 69163 (November 29, 2006), File No. SR-NSX-2006-15.
\6\ See Securities Exchange Act Release No. 55624 (April 12,
2007), 72 FR 19732 (April 19, 2007), File No. SR-NSX-2007-04;
Securities Exchange Act Release No. 56067 (July 13, 2007), 72 FR
39650 (July 19, 2007), File No. SR-NSX-2007-08; Securities Exchange
Act Release No. 56587 (October 1, 2007), 72 FR 57087 (October 5,
2007), File No. SR-NSX-2007-10; and Securities Exchange Act Release
No. 57574 (March 27, 2008), 73 FR 18026 (April 2, 2008), File No.
SR-NSX-2008-08.
---------------------------------------------------------------------------
In the instant proposed rule change, the Exchange is requesting
that the operative date of Rule 2.11 be accelerated to August 8, 2008.
The Exchange and NSX Securities have made all necessary changes to
activate NSX Securities, including NSX Securities being approved as a
broker-dealer, entering into a clearing and routing agreement, and
making the required systems and regulatory changes. Further, because
the current Rule 2.12 is effective until September 30, 2008, the
Exchange proposes to amend NSX Rule 2.12 to provide that during that
period it be operative only in the event that the Exchange is not
[[Page 49228]]
able to provide Routing Services through Rule 2.11. Thus, an
alternative router would be available as necessary, and on an all-or-
none basis, in the course of transitioning the Routing Services to NSX
Securities under Rule 2.11. This rule change proposal does not change
Rule 2.12's current expiration of September 30, 2008.
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6(b) of the Act,\7\ in general, and
Section 6(b)(5) of the Act,\8\ 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.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f(b).
\8\ 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
The proposed rule change will take effect upon filing pursuant to
Section 19(b)(3)(A)(iii) of the Act \9\ and subparagraph (f)(5) of Rule
19b-4 \10\ thereunder, because the proposal effects a change in an
existing order-entry system or trading system of a self-regulatory
organization that: (i) Does not significantly affect the protection of
investors or the public interest; (ii) does not impose any significant
burden on competition; and (iii) does not have the effect of limiting
the access to or availability of the system. This proposal does not
raise these concerns as it primarily pertains to the operative date of
a rule that has already been approved by the Commission through a rule
change filed under Section 19(b)(2) of the Act. At any time within
sixty (60) days of the filing of such 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.
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A)(iii).
\10\ 17 CFR 240.19b-4.
---------------------------------------------------------------------------
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-2008-15 on the subject line.
Paper Comments
Send paper comments in triplicate to Secretary, Securities
and Exchange Commission, 100 F Street, NE., Washington, DC 20549-1090.
All submissions should refer to File Number SR-NSX-2008-15. This file
number should be included on the subject line if e-mail is used. To
help the Commission process and review your 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 the filing also will be available for
inspection and copying at the principal office of the self-regulatory
organization. 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-
2008-15 and should be submitted on or before September 10, 2008.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\11\
---------------------------------------------------------------------------
\11\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-19228 Filed 8-19-08; 8:45 am]
BILLING CODE 8010-01-P
