Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change To Establish a Post-Only Order, 4491-4493 [E9-1464]
Download as PDF
<![CDATA[
Federal Register / Vol. 74, No. 15 / Monday, January 26, 2009 / Notices
connection with private placements of
securities by members and control
entities.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
FINRA does not believe that the
proposed rule change will result in any
burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
The proposed rule change was
published in Notice to Members 07–27
(June 2007). Sixteen comments were
received in response to Notice to
Members 07–27. A copy of Notice to
Members 07–27 is attached as Exhibit 2a
to this rule filing. A list of the comment
letters received in response to Notice to
Members 07–27 is attached as Exhibit 2b
to this rule filing. Copies of the
comment letters received in response to
Notice to Members 07–27 are attached
as Exhibit 2c to this rule filing. The
comments are summarized above.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Within 35 days of the date of
publication of this notice in the Federal
Register or within such longer period (i)
as the Commission may designate up to
90 days of such date if it finds such
longer period to be appropriate and
publishes its reasons for so finding or
(ii) as to which the self-regulatory
organization consents, the Commission
will:
(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 is consistent with the Act.
Comments may be submitted by any of
the following methods:
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–FINRA–2008–020. 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 such filing also will be
available for inspection and copying at
the principal office of FINRA. 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–FINRA–2008–020 and
should be submitted on or before
February 17, 2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.43
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–1466 Filed 1–23–09; 8:45 am]
BILLING CODE 8011–01–P
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–FINRA–2008–020 on the
subject line.
VerDate Nov<24>2008
17:20 Jan 23, 2009
Jkt 217001
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59259; File No. SR–BX–
2009–003]
Self-Regulatory Organizations;
NASDAQ OMX BX, Inc.; Notice of Filing
and Immediate Effectiveness of
Proposed Rule Change To Establish a
Post-Only Order
January 15, 2009.
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 January
14, 2009, NASDAQ OMX BX, Inc. (the
‘‘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 the Exchange.
The Exchange has filed this proposal
pursuant to Exchange Act Rule 19b–
4(f)(6) 3 and requests that the
Commission waive the 30-day preoperative waiting period contained in
Exchange Act Rule 19b–4(f)(6)(iii).4 If
such waiver is granted by the
Commission, this rule proposal, which
is effective upon filing with the
Commission, shall become immediately
operative.
I. Self-Regulatory Organization’s
Statement of the Terms of the Substance
of the Proposed Rule Change
The Exchange proposes to establish a
Post-Only Order.
The text of the proposed rule change
is below. Proposed new language is in
italics.
*
*
*
*
*
4751. Definitions
(a)–(e) No change.
(f) No change.
(1)–(8) No change.
(9) ‘‘Post-Only Orders’’ are orders that
if, at the time of entry, would lock an
order on the System, the order will be
re-priced and displayed by the System
to one minimum price increment (i.e.,
$0.01 or $0.0001) below the current low
offer (for bids) or above the current best
bid (for offers).
(g)–(j) No change.
*
*
*
*
*
1 15
U.S.C. 78s(b)(1).
CFR 240.19b–4.
3 17 CFR 240.19b–4(f)(6).
4 17 CFR 240.19b–4(f)(6)(iv).
2 17
43 17
PO 00000
CFR 200.30–3(a)(12).
Frm 00124
Fmt 4703
Sfmt 4703
4491
E:\FR\FM\26JAN1.SGM
26JAN1
4492
Federal Register / Vol. 74, No. 15 / Monday, January 26, 2009 / Notices
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 aspects of such
statements.
A. Self-Regulatory Organization’s
Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule
Change
1. Purpose
In order to provide enhanced
functionality, the Exchange proposes to
adopt an additional order type known as
the Post-Only Order. A Post-Only Order
is an order that does not remove
liquidity from the System upon entry if
it would lock an order on the
Exchange’s system for trading cash
equities (the ‘‘System’’). If, at the time
of entry, a Post-Only Order would lock
an order on the System it will be repriced and displayed by the System to
one minimum price increment (i.e.,
$0.01 or $0.0001) below the current low
offer (for bids) or above the current best
bid (for offers). In the case of a PostOnly Order locking an order, the PostOnly Order will be repriced only once
upon entry into the System. As with
other Exchange orders, the Post-Only
Order will not be routed away to other
trading centers.
An example of how the price sliding
mechanism will work if the Post-Only
Order locks an order on the System is
as follows:
• The System is displaying a $10.15
offer.
• A firm enters a Post-Only Order to
buy at $10.15.
• The incoming Post-Only Order will
go on the book and display at $10.14.
If the Post-Only Order would lock or
cross a protected quote of another
market center the post-only logic is not
applicable and the order will be
processed in the same manner as a Price
to Comply Post Order.
• Another market center is displaying
a $10.15 offer.
• A firm enters a Post-Only Order to
buy at $10.15.
• The incoming Post-Only Order will
be accepted and display at $10.14.
If the Post-Only Order would cross
another order already on the System and
VerDate Nov<24>2008
17:20 Jan 23, 2009
Jkt 217001
the price improvement for executing the
order is greater than the liquidity taker
fee and higher than the rebate for being
a liquidity provider, then the post-only
logic is not applicable and the order will
be processed and execute in the same
manner as an order with a time-in-force
of Immediate or Cancel (IOC).
• The System is displaying a $10.15
offer.
• A firm enters a Post-Only Order to
buy at $10.16.
• The incoming Post-Only Order will
execute at $10.15.
The Exchange believes that the PostOnly Order type will increase the ability
of market participants to control their
provision or taking of market liquidity
and thus better anticipate their trading
costs. The Exchange notes that orders
similar to the proposed Post-Only Order
type are already in use by other market
centers.5 In addition, the process for repricing Post-Only Orders is comparable
to the existing re-pricing mechanism
approved for use for Price to Comply
Post Orders.6
2. Statutory Basis
The Exchange believes that the
proposed rule change is consistent with
the provisions of Section 6 of the Act,7
in general, and with Section 6(b)(5) of
the Act,8 in particular, in that the
proposal is designed to prevent
fraudulent and manipulative acts and
practices, to promote just and equitable
principles of trade, to foster cooperation
and coordination with persons engaged
in regulating, clearing, settling,
processing information with respect to,
and facilitating transactions in
securities, 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.
Specifically, the Post-Only Order is
designed to encourage displayed
liquidity and to offer Exchange users
greater discretion and flexibility to post
liquidity on the Exchange.
B. Self-Regulatory Organization’s
Statement on Burden on Competition
The Exchange does not believe that
the proposed rule change will result in
any burden on competition that is not
necessary or appropriate in furtherance
of the purposes of the Act, as amended.
To the contrary, the Exchange believes
5 See Rule 11.9(c)(5) of the BATS Exchange and
Rule 7.31 of NYSE Arca. The proposed Post-Only
Order has functionalities similar to the NYSE Arca
Adding Liquidity Only Order and the BATS Post
Only Order.
6 See Rule 4751(f)(8).
7 15 U.S.C. 78f.
8 15 U.S.C. 78f(b)(5).
PO 00000
Frm 00125
Fmt 4703
Sfmt 4703
that the Post-Only Order is designed to
compete with orders already approved
and in use at other national securities
exchanges, thereby enhancing
competition between the exchanges.
C. Self-Regulatory Organization’s
Statement on Comments on the
Proposed Rule Change Received From
Members, Participants, or Others
Written comments were neither
solicited nor received.
III. Date of Effectiveness of the
Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule does not:
(i) Significantly affect the protection of
investors or the public interest; (ii)
impose any significant burden on
competition; or (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, the proposed rule
change has become effective pursuant to
Section 19(b)(3)(A) of the Act 9 and Rule
19b–4(f)(6) thereunder.10
The Exchange has asked the
Commission to waive the operative
delay to permit the proposed rule
change to become operative prior to the
30th day after filing. The Commission
has determined that waiving the 30-day
operative delay of the Exchange’s
proposal is consistent with the
protection of investors and the public
interest because such waiver will enable
the Exchange to encourage increased
liquidity concurrent with the launch of
cash equities trading by the Exchange.11
Therefore, the Commission designates
the proposal operative upon filing.
At any time within 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.
IV. Solicitation of Comments
Interested persons are invited to
submit written data, views, and
9 15
U.S.C. 78s(b)(3)(A).
CFR 240.19b–4(f)(6). In addition, Rule 19b–
4(f)(6)(iii) requires a self-regulatory organization to
provide the Commission with 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
Exchange has satisfied this requirement.
11 For 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).
10 17
E:\FR\FM\26JAN1.SGM
26JAN1
Federal Register / Vol. 74, No. 15 / Monday, January 26, 2009 / Notices
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
No. SR–BX–2009–003 on the subject
line.
Paper Comments
• Send paper comments in triplicate
to Elizabeth M. Murphy, Secretary,
Securities and Exchange Commission,
100 F Street, NE., Washington, DC
20549–1090.
All submissions should refer to File
Number SR–BX–2009–003. 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 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 No.
SR–BX–2009–003 and should be
submitted on or before February 17,
2009.
For the Commission, by the Division of
Trading and Markets, pursuant to delegated
authority.12
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9–1464 Filed 1–23–09; 8:45 am]
BILLING CODE 8011–01–P
SECURITIES AND EXCHANGE
COMMISSION
[Release No. 34–59260; File No. SR–
NASDAQ–2009–001]
Self-Regulatory Organizations; The
NASDAQ Stock Market LLC; Notice of
Filing and Immediate Effectiveness of
Proposed Rule Change To Modify Rule
7050 Governing Pricing for Nasdaq
Members Using the NASDAQ Options
Market (‘‘NOM’’)
(‘‘Act’’) 1 and Rule 19b–4 thereunder,2
notice is hereby given that on January 9,
2009, The NASDAQ Stock Market LLC
(‘‘Nasdaq’’) 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 Nasdaq. Nasdaq
has filed the proposal pursuant to
Section 19(b)(3)(A)(ii) of the Act 3 and
Rule 19b–4(f)(2) thereunder,4 Nasdaq
has designated this proposal as
establishing or changing a due, fee, or
other charge applicable only to
members, which renders the proposed
rule change effective upon filing. The
Commission is publishing this notice to
solicit comments on the proposed rule
change from interested persons.
I. Self-Regulatory Organization’s
Statement of the Terms of Substance of
the Proposed Rule Change
Nasdaq has filed a proposed rule
change to modify Rule 7050 governing
pricing for Nasdaq members using the
NASDAQ Options Market (‘‘NOM’’),
Nasdaq’s facility for executing and
routing standardized equity and index
options. Proposed new language is in
italics; proposed deletions are in
brackets.5
*
*
*
*
*
7050. NASDAQ Options Market
January 15, 2009.
The following charges shall apply to
the use of the order execution and
routing services of the NASDAQ
Options Market by members for all
securities that it trades.
Pursuant to Section 19(b)(1) of the
Securities Exchange Act of 1934
(1) Fees for Execution of Contracts on
the NASDAQ Options Market
Except as specified below, the [C]c harge to member entering order that executes in the NASDAQ Options Market
For a pilot period ending July 31, 2009, charge for members or non-members entering order via the Options Intermarket Linkage that executes in the Nasdaq Options Market.
Charge to members entering orders in options on QQQQ, SPY, DIA and IWM with an account type ‘‘Customer’’
that executes and remove liquidity entered by another member.
Credit to member providing liquidity through the NASDAQ Options Market ................................................................
Credit to member providing liquidity using price-improving orders through the NASDAQ Options Market .................
12 17
CFR 200.30–3(a)(12).
U.S.C. 78s(b)(1).
2 17 CFR 240.19b–4.
3 15 U.S.C. 78s(b)(3)(A)(ii).
4 17 CFR 240.19b–4(f)(2).
5 Changes are marked to the rule text that appears
in the electronic manual of Nasdaq found at
https://nasdaqomx.cchwallstreet.com.
1 15
VerDate Nov<24>2008
18:54 Jan 23, 2009
Jkt 217001
4493
PO 00000
Frm 00126
Fmt 4703
Sfmt 4703
E:\FR\FM\26JAN1.SGM
26JAN1
$0.45 per executed contract.
$0.45 per executed contract.
No fee.
$0.30 per executed contract.
$0.35 per executed contract.
]]>Agencies
[Federal Register Volume 74, Number 15 (Monday, January 26, 2009)]
[Notices]
[Pages 4491-4493]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-1464]
-----------------------------------------------------------------------
SECURITIES AND EXCHANGE COMMISSION
[Release No. 34-59259; File No. SR-BX-2009-003]
Self-Regulatory Organizations; NASDAQ OMX BX, Inc.; Notice of
Filing and Immediate Effectiveness of Proposed Rule Change To Establish
a Post-Only Order
January 15, 2009.
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 January 14, 2009, NASDAQ OMX BX, Inc. (the ``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 the Exchange. The Exchange has filed this
proposal pursuant to Exchange Act Rule 19b-4(f)(6) \3\ and requests
that the Commission waive the 30-day pre-operative waiting period
contained in Exchange Act Rule 19b-4(f)(6)(iii).\4\ If such waiver is
granted by the Commission, this rule proposal, which is effective upon
filing with the Commission, shall become immediately operative.
---------------------------------------------------------------------------
\1\ 15 U.S.C. 78s(b)(1).
\2\ 17 CFR 240.19b-4.
\3\ 17 CFR 240.19b-4(f)(6).
\4\ 17 CFR 240.19b-4(f)(6)(iv).
---------------------------------------------------------------------------
I. Self-Regulatory Organization's Statement of the Terms of the
Substance of the Proposed Rule Change
The Exchange proposes to establish a Post-Only Order.
The text of the proposed rule change is below. Proposed new
language is in italics.
* * * * *
4751. Definitions
(a)-(e) No change.
(f) No change.
(1)-(8) No change.
(9) ``Post-Only Orders'' are orders that if, at the time of entry,
would lock an order on the System, the order will be re-priced and
displayed by the System to one minimum price increment (i.e., $0.01 or
$0.0001) below the current low offer (for bids) or above the current
best bid (for offers).
(g)-(j) No change.
* * * * *
[[Page 4492]]
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 aspects of such
statements.
A. Self-Regulatory Organization's Statement of the Purpose of, and
Statutory Basis for, the Proposed Rule Change
1. Purpose
In order to provide enhanced functionality, the Exchange proposes
to adopt an additional order type known as the Post-Only Order. A Post-
Only Order is an order that does not remove liquidity from the System
upon entry if it would lock an order on the Exchange's system for
trading cash equities (the ``System''). If, at the time of entry, a
Post-Only Order would lock an order on the System it will be re-priced
and displayed by the System to one minimum price increment (i.e., $0.01
or $0.0001) below the current low offer (for bids) or above the current
best bid (for offers). In the case of a Post-Only Order locking an
order, the Post-Only Order will be repriced only once upon entry into
the System. As with other Exchange orders, the Post-Only Order will not
be routed away to other trading centers.
An example of how the price sliding mechanism will work if the
Post-Only Order locks an order on the System is as follows:
The System is displaying a $10.15 offer.
A firm enters a Post-Only Order to buy at $10.15.
The incoming Post-Only Order will go on the book and
display at $10.14.
If the Post-Only Order would lock or cross a protected quote of
another market center the post-only logic is not applicable and the
order will be processed in the same manner as a Price to Comply Post
Order.
Another market center is displaying a $10.15 offer.
A firm enters a Post-Only Order to buy at $10.15.
The incoming Post-Only Order will be accepted and display
at $10.14.
If the Post-Only Order would cross another order already on the
System and the price improvement for executing the order is greater
than the liquidity taker fee and higher than the rebate for being a
liquidity provider, then the post-only logic is not applicable and the
order will be processed and execute in the same manner as an order with
a time-in-force of Immediate or Cancel (IOC).
The System is displaying a $10.15 offer.
A firm enters a Post-Only Order to buy at $10.16.
The incoming Post-Only Order will execute at $10.15.
The Exchange believes that the Post-Only Order type will increase
the ability of market participants to control their provision or taking
of market liquidity and thus better anticipate their trading costs. The
Exchange notes that orders similar to the proposed Post-Only Order type
are already in use by other market centers.\5\ In addition, the process
for re-pricing Post-Only Orders is comparable to the existing re-
pricing mechanism approved for use for Price to Comply Post Orders.\6\
---------------------------------------------------------------------------
\5\ See Rule 11.9(c)(5) of the BATS Exchange and Rule 7.31 of
NYSE Arca. The proposed Post-Only Order has functionalities similar
to the NYSE Arca Adding Liquidity Only Order and the BATS Post Only
Order.
\6\ See Rule 4751(f)(8).
---------------------------------------------------------------------------
2. Statutory Basis
The Exchange believes that the proposed rule change is consistent
with the provisions of Section 6 of the Act,\7\ in general, and with
Section 6(b)(5) of the Act,\8\ in particular, in that the proposal is
designed to prevent fraudulent and manipulative acts and practices, to
promote just and equitable principles of trade, to foster cooperation
and coordination with persons engaged in regulating, clearing,
settling, processing information with respect to, and facilitating
transactions in securities, 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. Specifically,
the Post-Only Order is designed to encourage displayed liquidity and to
offer Exchange users greater discretion and flexibility to post
liquidity on the Exchange.
---------------------------------------------------------------------------
\7\ 15 U.S.C. 78f.
\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
result in any burden on competition that is not necessary or
appropriate in furtherance of the purposes of the Act, as amended. To
the contrary, the Exchange believes that the Post-Only Order is
designed to compete with orders already approved and in use at other
national securities exchanges, thereby enhancing competition between
the exchanges.
C. Self-Regulatory Organization's Statement on Comments on the Proposed
Rule Change Received From Members, Participants, or Others
Written comments were neither solicited nor received.
III. Date of Effectiveness of the Proposed Rule Change and Timing for
Commission Action
Because the foregoing rule does not: (i) Significantly affect the
protection of investors or the public interest; (ii) impose any
significant burden on competition; or (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, the proposed rule change has become effective
pursuant to Section 19(b)(3)(A) of the Act \9\ and Rule 19b-4(f)(6)
thereunder.\10\
---------------------------------------------------------------------------
\9\ 15 U.S.C. 78s(b)(3)(A).
\10\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6)(iii)
requires a self-regulatory organization to provide the Commission
with 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 Exchange has satisfied this requirement.
---------------------------------------------------------------------------
The Exchange has asked the Commission to waive the operative delay
to permit the proposed rule change to become operative prior to the
30th day after filing. The Commission has determined that waiving the
30-day operative delay of the Exchange's proposal is consistent with
the protection of investors and the public interest because such waiver
will enable the Exchange to encourage increased liquidity concurrent
with the launch of cash equities trading by the Exchange.\11\
Therefore, the Commission designates the proposal operative upon
filing.
---------------------------------------------------------------------------
\11\ For 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 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.
IV. Solicitation of Comments
Interested persons are invited to submit written data, views, and
[[Page 4493]]
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 No.
SR-BX-2009-003 on the subject line.
Paper Comments
Send paper comments in triplicate to Elizabeth M. Murphy,
Secretary, Securities and Exchange Commission, 100 F Street, NE.,
Washington, DC 20549-1090.
All submissions should refer to File Number SR-BX-2009-003. 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 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 No. SR-BX-2009-003 and should be
submitted on or before February 17, 2009.
For the Commission, by the Division of Trading and Markets,
pursuant to delegated authority.\12\
---------------------------------------------------------------------------
\12\ 17 CFR 200.30-3(a)(12).
---------------------------------------------------------------------------
Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-1464 Filed 1-23-09; 8:45 am]
BILLING CODE 8011-01-P
