Joint Industry Plan; Notice of Filing and Order Granting Temporary Effectiveness of Amendment To Plan Establishing Procedures Under Rule 605 of Regulation NMS, 58993-58994 [E8-23762]

Download as PDF Federal Register / Vol. 73, No. 196 / Wednesday, October 8, 2008 / Notices 58993 FORM SH INFORMATION TABLE—PAGE 7 Saturday [Month, Day, Year] Name of issuer CUSIP Short position (start of day) Column 1 Column 2 Column 3 [FR Doc. E8–23861 Filed 10–7–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–58695, File No. 4–518] Joint Industry Plan; Notice of Filing and Order Granting Temporary Effectiveness of Amendment To Plan Establishing Procedures Under Rule 605 of Regulation NMS September 30, 2008. Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 1934 (‘‘Act’’) 1 and Rule 608 of Regulation NMS,2 notice is hereby given that on September 19, 2008, the BATS Exchange, Inc. (‘‘BATS’’ or ‘‘BATS Exchange’’) submitted to the Securities and Exchange Commission (‘‘SEC’’ or ‘‘Commission’’) an amendment to the national market system plan that establishes procedures under Rule 605 of Regulation NMS (‘‘Joint-SRO Plan’’ or ‘‘Plan’’).3 The amendment proposes to 1 15 U.S.C. 78k–1(a)(3). CFR 242.608. 3 17 CFR 242.605. On April 12, 2001, the Commission approved a national market system plan for the purpose of establishing procedures for market centers to follow in making their monthly reports available to the public under Rule 11Ac1– 5 under the Act (n/k/a Rule 605 of Regulation NMS). See Securities Exchange Act Release No. jlentini on PROD1PC65 with NOTICES 2 17 VerDate Aug<31>2005 18:10 Oct 07, 2008 Jkt 217001 Number of securities sold short (day) Value of securities sold short (day) (X $1,000) Short position (end of day) Largest intraday short position Time of day of largest intraday short position Column 4 Column 5 Column 6 Column 7 Column 8 add BATS as a participant to the JointSRO Plan. The Commission is publishing this notice and order to solicit comments from interested persons on the proposed Joint-SRO Plan amendment, and to grant temporary effectiveness to the proposed amendment through February 5, 2009. I. Description and Purpose of the Amendment The current participants to the JointSRO Plan are the American Stock Exchange LLC, Boston Stock Exchange, Inc., Chicago Board Options Exchange, Incorporated, Chicago Stock Exchange, Inc., Cincinnati Stock Exchange, Inc. (n/ k/a National Stock ExchangeSM ), International Securities Exchange, LLC, The NASDAQ Stock Market LLC, National Association of Securities Dealers, Inc. (n/k/a Financial Industry Regulatory Authority, Inc.), New York Stock Exchange, Inc. (n/k/a New York Stock Exchange LLC), Pacific Exchange, Inc. (n/k/a NYSE Arca, Inc.), and Philadelphia Stock Exchange, Inc. (n/k/ a NASDAQ OMX PHLX, Inc.). The proposed amendment would add BATS as a participant to the Joint-SRO Plan. BATS has submitted a signed copy of the Joint-SRO Plan to the Commission in accordance with the procedures set 44177 (April 12, 2001), 66 FR 19814 (April 17, 2001). PO 00000 Frm 00070 Fmt 4703 Sfmt 4703 forth in the Plan regarding new participants. Section III(b) of the JointSRO Plan provides that a national securities exchange or national securities association may become a party to the Plan by: (i) Executing a copy of the Plan, as then in effect (with the only changes being the addition of the new participant’s name in Section 11(a) of the Plan and the new participant’s single-digit code in Section VI(a)(1) of the Plan) and (ii) submitting such executed plan to the Commission for approval. II. Solicitation of Comments Interested persons are invited to submit written data, views, and arguments concerning the foregoing, including whether the proposed JointSRO Plan amendment 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 rulecomments@sec.gov. Please include File Number 4–518 on the subject line. Paper Comments • Send paper comments in triplicate to Secretary, Securities and Exchange E:\FR\FM\08OCN1.SGM 08OCN1 58994 Federal Register / Vol. 73, No. 196 / Wednesday, October 8, 2008 / Notices jlentini on PROD1PC65 with NOTICES Commission, 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number 4–518. 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 (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 the principal office of the Exchange. 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 4–518 and should be submitted on or before November 7, 2008. III. Commission’s Findings and Order Granting Accelerated Approval of Proposed Plan Amendment The Commission finds that the proposed Joint-SRO Plan amendment is consistent with the requirements of the Act and the rules and regulations thereunder.4 Specifically, the Commission believes that the proposed amendment, which permits BATS to become a participant to the Joint-SRO Plan, is consistent with the requirements of Section 11A of the Act, and Rule 608 of Regulation NMS. The Plan establishes appropriate procedures for market centers to follow in making their monthly reports required pursuant to Rule 605 of Regulation NMS, available to the public in a uniform, readily accessible, and usable electronic format. The proposed amendment to include BATS as a participant in the Joint-SRO Plan will contribute to the maintenance of fair and orderly markets 4 In approving this proposed Joint-SRO Plan amendment, the Commission has considered the proposal’s impact on efficiency, competition, and capital formation. 15 U.S.C. 78c(f). VerDate Aug<31>2005 18:10 Oct 07, 2008 Jkt 217001 and remove impediments to and perfect the mechanisms of a national market system by facilitating the uniform public disclosure of order execution information by all market centers. The Commission finds good cause to grant temporary effectiveness to the proposed Joint-SRO Plan amendment, for 120 days, until February 5, 2009. The Commission believes that it is necessary and appropriate in the public interest, for the maintenance of fair and orderly markets, to remove impediments to, and perfect mechanisms of, a national market system to allow BATS to become a participant in the Joint-SRO Plan. On August 18, 2008, the Commission granted the application of BATS for registration as a national securities exchange.5 One of the conditions to operation of the BATS Exchange is participation in national market system plans, including the Joint-SRO Plan.6 As a Plan participant, BATS would have timely information on the Plan procedures as they are formulated and modified by the participants. The Commission finds, therefore, that granting temporary effectiveness of the proposed Joint-SRO Plan amendment is appropriate and consistent with Section 11A of the Act.7 IV. Conclusion It is therefore ordered, pursuant to Section 11A of the Act 8 and Rule 608 of Regulation NMS,9 that the proposed Joint-SRO Plan amendment is approved for 120 days, through February 5, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.10 Florence E. Harmon, Acting Secretary. [FR Doc. E8–23762 Filed 10–7–08; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 58723] Order Extending Emergency Order Pursuant to Section 12(K)(2) of the Securities Exchange Act of 1934 Taking Temporary Action To Respond to Market Developments October 2, 2008. Pursuant to Section 12(k)(2) of the Securities Exchange Act of 1934 5 See Securities Exchange Act Release No. 58375 (August 18, 2008), 73 FR 49498 (August 21, 2008). 6 Id. at 49507. 7 15 U.S.C. 78k–1. 8 15 U.S.C. 78k–1. 9 17 CFR 242.608. 10 17 CFR 200.30–3(a)(29). PO 00000 Frm 00071 Fmt 4703 Sfmt 4703 (‘‘Exchange Act’’),1 on September 18, 2008, the Securities and Exchange Commission (‘‘Commission’’) issued an Emergency Order (the ‘‘Order’’) that prohibited persons from selling short the securities of financial institutions. The Order became effective at 12:01 a.m. E.D.T. on September 19, 2008 and is currently set to terminate at 11:59 p.m. E.D.T. on October 2, 2008.2 Pursuant to our authority under Section 12(k)(2)(C) of the Exchange Act, we are extending the Order. Section 12(k)(2)(C) authorizes the Commission to extend an emergency order issued pursuant to Section 12(k)(2)(A) of the Exchange Act for a total effective period of up to 30 calendar days, if the Commission finds that the emergency still exists and determines that an extension is necessary in the public interest and for the protection of investors to maintain fair and orderly securities markets. We have carefully reevaluated the current state of the markets and we remain concerned about the potential for sudden and excessive fluctuations of securities prices generally and disruption in the functioning of the securities markets that could threaten fair and orderly markets. We intend the prohibition to restore investor and market confidence by preventing short selling from being used to drive down the prices of securities in financial institutions even where there is no fundamental basis for a price decline other than general market conditions. Thus, we have determined in this environment that the standards under Section 12(k)(2) for extending the Order have been met. Accordingly, we have determined that extending the Order is in the public interest and necessary to maintain fair and orderly securities markets and for the protection of investors. It is therefore ordered that, pursuant to Section 12(k)(2)(C) of the Exchange Act, the Order is extended such that it will terminate at the earlier of (i) three business days from the President’s signing of the Emergency Economic Stabilization Act of 2008 (H.R. 1424), or (ii) 11:59 p.m. E.D.T. on Friday, October 17, 2008. By the Commission. Florence E. Harmon, Acting Secretary. [FR Doc. E8–23862 Filed 10–7–08; 8:45 am] BILLING CODE 8011–01–P 1 15 U.S.C. 78l(k)(2). Securities Exchange Act Release No. 58592 (Sept. 18, 2008); see also Securities Exchange Act Release No. 58611 (Sept. 21, 2008). 2 See E:\FR\FM\08OCN1.SGM 08OCN1

Agencies

[Federal Register Volume 73, Number 196 (Wednesday, October 8, 2008)]
[Notices]
[Pages 58993-58994]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E8-23762]


-----------------------------------------------------------------------

SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-58695, File No. 4-518]


Joint Industry Plan; Notice of Filing and Order Granting 
Temporary Effectiveness of Amendment To Plan Establishing Procedures 
Under Rule 605 of Regulation NMS

September 30, 2008.
    Pursuant to Section 11A(a)(3) of the Securities Exchange Act of 
1934 (``Act'') \1\ and Rule 608 of Regulation NMS,\2\ notice is hereby 
given that on September 19, 2008, the BATS Exchange, Inc. (``BATS'' or 
``BATS Exchange'') submitted to the Securities and Exchange Commission 
(``SEC'' or ``Commission'') an amendment to the national market system 
plan that establishes procedures under Rule 605 of Regulation NMS 
(``Joint-SRO Plan'' or ``Plan'').\3\ The amendment proposes to add BATS 
as a participant to the Joint-SRO Plan. The Commission is publishing 
this notice and order to solicit comments from interested persons on 
the proposed Joint-SRO Plan amendment, and to grant temporary 
effectiveness to the proposed amendment through February 5, 2009.
---------------------------------------------------------------------------

    \1\ 15 U.S.C. 78k-1(a)(3).
    \2\ 17 CFR 242.608.
    \3\ 17 CFR 242.605. On April 12, 2001, the Commission approved a 
national market system plan for the purpose of establishing 
procedures for market centers to follow in making their monthly 
reports available to the public under Rule 11Ac1-5 under the Act (n/
k/a Rule 605 of Regulation NMS). See Securities Exchange Act Release 
No. 44177 (April 12, 2001), 66 FR 19814 (April 17, 2001).
---------------------------------------------------------------------------

I. Description and Purpose of the Amendment

    The current participants to the Joint-SRO Plan are the American 
Stock Exchange LLC, Boston Stock Exchange, Inc., Chicago Board Options 
Exchange, Incorporated, Chicago Stock Exchange, Inc., Cincinnati Stock 
Exchange, Inc. (n/k/a National Stock Exchange\SM\ ), International 
Securities Exchange, LLC, The NASDAQ Stock Market LLC, National 
Association of Securities Dealers, Inc. (n/k/a Financial Industry 
Regulatory Authority, Inc.), New York Stock Exchange, Inc. (n/k/a New 
York Stock Exchange LLC), Pacific Exchange, Inc. (n/k/a NYSE Arca, 
Inc.), and Philadelphia Stock Exchange, Inc. (n/k/a NASDAQ OMX PHLX, 
Inc.). The proposed amendment would add BATS as a participant to the 
Joint-SRO Plan.
    BATS has submitted a signed copy of the Joint-SRO Plan to the 
Commission in accordance with the procedures set forth in the Plan 
regarding new participants. Section III(b) of the Joint-SRO Plan 
provides that a national securities exchange or national securities 
association may become a party to the Plan by: (i) Executing a copy of 
the Plan, as then in effect (with the only changes being the addition 
of the new participant's name in Section 11(a) of the Plan and the new 
participant's single-digit code in Section VI(a)(1) of the Plan) and 
(ii) submitting such executed plan to the Commission for approval.

II. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed 
Joint-SRO Plan amendment 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 4-518 on the subject line.

Paper Comments

     Send paper comments in triplicate to Secretary, Securities 
and Exchange

[[Page 58994]]

Commission, 100 F Street, NE., Washington, DC 20549-1090.

All submissions should refer to File Number 4-518. 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 (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 the principal office of the Exchange. 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 4-518 and should be submitted on or before 
November 7, 2008.

III. Commission's Findings and Order Granting Accelerated Approval of 
Proposed Plan Amendment

    The Commission finds that the proposed Joint-SRO Plan amendment is 
consistent with the requirements of the Act and the rules and 
regulations thereunder.\4\ Specifically, the Commission believes that 
the proposed amendment, which permits BATS to become a participant to 
the Joint-SRO Plan, is consistent with the requirements of Section 11A 
of the Act, and Rule 608 of Regulation NMS. The Plan establishes 
appropriate procedures for market centers to follow in making their 
monthly reports required pursuant to Rule 605 of Regulation NMS, 
available to the public in a uniform, readily accessible, and usable 
electronic format. The proposed amendment to include BATS as a 
participant in the Joint-SRO Plan will contribute to the maintenance of 
fair and orderly markets and remove impediments to and perfect the 
mechanisms of a national market system by facilitating the uniform 
public disclosure of order execution information by all market centers.
---------------------------------------------------------------------------

    \4\ In approving this proposed Joint-SRO Plan amendment, the 
Commission has considered the proposal's impact on efficiency, 
competition, and capital formation. 15 U.S.C. 78c(f).
---------------------------------------------------------------------------

    The Commission finds good cause to grant temporary effectiveness to 
the proposed Joint-SRO Plan amendment, for 120 days, until February 5, 
2009. The Commission believes that it is necessary and appropriate in 
the public interest, for the maintenance of fair and orderly markets, 
to remove impediments to, and perfect mechanisms of, a national market 
system to allow BATS to become a participant in the Joint-SRO Plan. On 
August 18, 2008, the Commission granted the application of BATS for 
registration as a national securities exchange.\5\ One of the 
conditions to operation of the BATS Exchange is participation in 
national market system plans, including the Joint-SRO Plan.\6\ As a 
Plan participant, BATS would have timely information on the Plan 
procedures as they are formulated and modified by the participants. The 
Commission finds, therefore, that granting temporary effectiveness of 
the proposed Joint-SRO Plan amendment is appropriate and consistent 
with Section 11A of the Act.\7\
---------------------------------------------------------------------------

    \5\ See Securities Exchange Act Release No. 58375 (August 18, 
2008), 73 FR 49498 (August 21, 2008).
    \6\ Id. at 49507.
    \7\ 15 U.S.C. 78k-1.
---------------------------------------------------------------------------

IV. Conclusion

    It is therefore ordered, pursuant to Section 11A of the Act \8\ and 
Rule 608 of Regulation NMS,\9\ that the proposed Joint-SRO Plan 
amendment is approved for 120 days, through February 5, 2009.
---------------------------------------------------------------------------

    \8\ 15 U.S.C. 78k-1.
    \9\ 17 CFR 242.608.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\10\
---------------------------------------------------------------------------

    \10\ 17 CFR 200.30-3(a)(29).
---------------------------------------------------------------------------

Florence E. Harmon,
Acting Secretary.
[FR Doc. E8-23762 Filed 10-7-08; 8:45 am]
BILLING CODE 8011-01-P