Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Introduce a Pilot Program for NYSE Arca Trades, 5711-5713 [E9-1980]

Download as PDF Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices 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. The proposed rule change is designed to remove uncertainty regarding the ability of certain companies to remain listed on the NYSE during the current highly unusual market conditions, thereby protecting investors, facilitating transactions in securities, and removing an impediment to a free and open market. B. Self-Regulatory Organization’s Statement on Burden on Competition The Exchange does not believe that the proposed rule change will impose any burden on competition that is not necessary or appropriate in furtherance of the purposes of the Exchange Act. 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 proposed rule change: (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 become operative for 30 days after the date of the filing, 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 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 11 normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6)(iii) 12 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 9 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). Pursuant to Rule 19b– 4(f)(6)(iii) under the Act, the Exchange is required to give 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 Exchange has satisfied this requirement. 11 17 CFR 240.19b–4(f)(6). 12 17 CFR 240.19b–4(f)(6)(iii). mstockstill on PROD1PC66 with NOTICES 10 17 VerDate Nov<24>2008 16:54 Jan 29, 2009 Jkt 217001 requested that the Commission waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay is consistent with the protection of investors and the public interest because it will allow the NYSE to immediately implement a temporary measure to lower its continued listing requirement relating to average global market capitalization to respond to recent market volatility and conditions. The Commission notes that the Exchange’s current standard does not provide companies with a period of time to regain compliance and, instead, companies failing to meet this standard are immediately subject to the Exchange’s delisting procedures in Section 804 of the Manual. As such, the Commission believes that waiving the 30-day operative delay will provide certain companies with immediate relief from being delisted as a result of the current market conditions, provided that their average global market capitalization over a consecutive 30-day trading period remains at $15 million or above. For these reasons, the Commission designates that the proposed rule change become operative immediately upon filing.13 At any time within 60 days of the filing of the proposed rule change, the Commission may summarily abrogate the 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 Exchange Act. Comments may be submitted by any of the following methods: 5711 100 F Street, NE., Washington, DC 20549–1090. All submissions should refer to File Number SR–NYSE–2009–06. 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, 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 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 SR–NYSE– 2009–06 and should be submitted on or before February 20, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.14 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–2016 Filed 1–29–09; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION 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–NYSE–2009–06 on the subject line. [Release No. 34–59289; File No. SR– NYSEArca–2009–06] Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing and Immediate Effectiveness of Proposed Rule Change to Introduce a Pilot Program for NYSE Arca Trades Paper Comments • Send paper comments in triplicate to Elizabeth M. Murphy, Secretary, Securities and Exchange Commission, 13 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. 15 U.S.C. 78c(f). PO 00000 Frm 00078 Fmt 4703 Sfmt 4703 January 23, 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 21, 2009, NYSE Arca, Inc. (‘‘NYSE 14 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 2 17 CFR 240.19b–4. 1 15 E:\FR\FM\30JAN1.SGM 30JAN1 5712 Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices Arca’’ or 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 prepared by NYSE Arca. NYSE Arca has designated the proposed rule change as constituting a non-controversial rule change under Rule 19b–4(f)(6) under the Act,3 which renders the proposal effective upon filing with the Commission. 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 NYSE Arca proposes to establish a pilot program to introduce its NYSE Arca Trades service at no charge. NYSE Arca Trades is a new NYSE Arca-only market data service that allows a vendor to redistribute on a real-time basis the same last sale information that NYSE Arca reports to the Consolidated Tape Association (‘‘CTA’’) for inclusion in CTA’s consolidated data stream and certain other related data elements (‘‘NYSE Arca Last Sale Information’’). 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 self-regulatory organization 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 self-regulatory organization has prepared summaries, set forth in sections (A), (B) and (C) below, of the most significant aspects of such statements. mstockstill on PROD1PC66 with NOTICES A. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change 1. Purpose a. The Service. The Exchange proposes to establish a pilot program to introduce NYSE Arca Trades, a new service pursuant to which it will allow vendors, broker-dealers and others (‘‘NYSE Arca-Only Vendors’’) to make available NYSE Arca Last Sale Information on a real-time basis.4 The 3 17 CFR 240.19b–4(f)(6). Exchange notes that it will make the NYSE Arca Last Sale Information available to vendors no earlier than it makes its last sale information available to the processor under the CTA Plan. 4 The VerDate Nov<24>2008 16:54 Jan 29, 2009 Jkt 217001 Exchange will not impose any fees for the receipt and use of NYSE Arca Trades, whether on vendors or subscribers, during the pilot period. Contemporaneously with the proposed rule change, the Exchange submitted a proposed rule change that seeks to establish a $750 per month access fee for the receipt and redistribution of the NYSE Arca Trades datafeed(s) and device fees for the enduse of NYSE Arca Trades’ NYSE Arca Last Sale Information (the ‘‘NYSE Arca Trades Fee Filing’’) as follows: i. $5 per month per display device for the receipt and use of NYSE Arca Last Sale Information relating to Network A and Network B Eligible Securities (as the CTA Plan uses those terms); and ii. $5 per month per display device for the receipt and use of NYSE Arca Last Sale Information relating to securities listed on Nasdaq. The Exchange would not commence to impose those fees until the later of Commission approval of the NYSE Arca Trades Fee Filing and the end of the pilot period. NYSE Arca Last Sale Information would include last sale information for all securities that are traded on the Exchange. The Exchange will make NYSE Arca Last Sale Information available through its new NYSE Arca Trades service at the same time as it provides last sale information to the processor under the CTA Plan. In addition to the information that the Exchange provides to CTA, NYSE Arca Last Sale Information will also include a unique sequence number that the Exchange assigns to each trade and that allows an investor to track the context of the trade through such other Exchange market data products as ArcaBook®. The Exchange developed NYSE Arca Trades primarily at the request of traders who are very latency sensitive. The latency difference between accessing last sales through the NYSE Arca datafeed or through the CTA datafeed can be measured in tens of milliseconds. The Exchange anticipates that demand for the product will derive primarily from investors and brokerdealers who desire to use NYSE Arca Trades to power certain trading algorithms or smart order routers. The free access to NYSE Arca Trades during the pilot period will enable investors to determine whether NYSE Arca Trades provides value to their business models and will enable the Exchange to make the service available during the time required to obtain approval for the fees. b. Administrative Requirements. During the pilot period, the Exchange will require NYSE Arca-Only Vendors PO 00000 Frm 00079 Fmt 4703 Sfmt 4703 to enter into the form of ‘‘vendor’’ agreement into which the CTA Plan requires recipients of the Network A last sale prices information datafeeds to enter (the ‘‘Network A Vendor Form’’). The Network A Vendor Form will authorize the NYSE Arca-Only Vendor to provide the NYSE Arca Trades service to its subscribers and customers. The Network A Participants drafted the Network A Vendor Form as a onesize-fits-all form to capture most categories of market data dissemination. It is sufficiently generic to accommodate NYSE Arca Trades. The Network A Vendor Form has been in use in substantially the same form since 1990.5 Similarly, the Exchange will require professional and non-professional subscribers to NYSE Arca Trades to undertake to comply with the same contract, reporting, payment, and other administrative requirements as to which the Network A Participants subject them in respect of Network A last sale information under the CTA Plan. c. Duration of Pilot Program. The Exchange proposes to commence the pilot program shortly after submitting the proposed rule change to the Commission. The Exchange proposes to conduct the pilot test for 90 days from its commencement date. If, at the end of the pilot period, the Commission has not yet acted on the NYSE Arca Trades Fee Filing, the Exchange will assess its experience with NYSE Arca Trades and determine whether to extend or modify the pilot program. 2. Statutory Basis The bases under the Act for the proposed rule change are the requirements under Section 6(b)(5) that the rules of an exchange be designed to promote just and equitable principles of trade and not to permit unfair discrimination between customers, issuers, brokers or dealers. The pilot program would benefit investors by providing a free alternative to the last sale price information that they receive under the CTA Plan. 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. 5 See Release Nos. 34–28407 (September 10, 1990), and 34–49185 (February 4, 2004). E:\FR\FM\30JAN1.SGM 30JAN1 Federal Register / Vol. 74, No. 19 / Friday, January 30, 2009 / Notices C. Self-Regulatory Organization’s Statement on Comments on the Proposed Rule Change Received from Members, Participants or Others The Exchange has discussed the pilot program with those entities that the Exchange believes would be the most likely to take advantage of the proposed NYSE Arca Last Sale Information service by becoming NYSE Arca-Only Vendors. While those entities have not submitted formal, written comments on the proposal, the Exchange has incorporated some of their ideas into the proposal and the proposed rule change reflects their input. The Exchange has not received any unsolicited written comments from members or other interested parties. 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, it has become effective pursuant to Section 19(b)(3)(A) of the Act 6 and Rule 19b– 4(f)(6) thereunder.7 A proposed rule change filed pursuant to Rule 19b–4(f)(6) under the Act 8 normally does not become operative for 30 days after the date of its filing. However, Rule 19b–4(f)(6) 9 permits the Commission to designate a shorter time if such action is consistent with the protection of investors and the public interest. NYSE Arca requests that the Commission waive the 30-day operative delay. The Commission believes that waiving the 30-day operative delay 10 is consistent with the protection of investors and the public interest because such waiver will allow the Exchange to immediately provide additional information to investors at no cost. Therefore, the Commission designates the proposal operative upon filing. 6 15 U.S.C. 78s(b)(3)(A). CFR 240.19b–4(f)(6). In addition, Rule 19b– 4(f)(6) requires a self-regulatory organization to give the Commission written notice of its intent to file 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. NYSE Arca has satisfied this requirement. 8 17 CFR 240.19b–4(f)(6). 9 17 CFR 240.19b–4(f)(6). 10 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). mstockstill on PROD1PC66 with NOTICES 7 17 VerDate Nov<24>2008 16:54 Jan 29, 2009 Jkt 217001 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: 5713 submissions should refer to File Number SR–NYSEArca–2009–06 and should be submitted on or before February 20, 2009. For the Commission, by the Division of Trading and Markets, pursuant to delegated authority.11 Florence E. Harmon, Deputy Secretary. [FR Doc. E9–1980 Filed 1–29–09; 8:45 am] BILLING CODE 8011–01–P SECURITIES AND EXCHANGE COMMISSION [Release No. 34–59293; File No. SR–OCC– 2008–19] 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–NYSEArca–2009–06 on the subject line. Self-Regulatory Organizations; The Options Clearing Corporation; Notice of Filing and Immediate Effectiveness of a Proposed Rule Change Relating to Rule 1506 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 publicly available. All I. Self-Regulatory Organization’s Statement of the Terms of Substance of the Proposed Rule Change The proposed rule change clarifies the text of Rule 1506, which prohibits deposits in lieu of margin for certain options. January 23, 2009. Pursuant to Section 19(b)(1) of the Securities Exchange Act of 1934 (‘‘Act’’),1 notice is hereby given that on Paper Comments December 31, 2008, The Options • Send paper comments in triplicate Clearing Corporation (‘‘OCC’’) filed with to Elizabeth M. Murphy, Secretary, the Securities and Exchange Securities and Exchange Commission, Commission (‘‘Commission’’) the 100 F Street, NE., Washington, DC proposed rule change as described in 20549–1090. Items I, II, and III below, which items All submissions should refer to File have been prepared primarily by OCC. Number SR–NYSEArca–2009–06. This OCC filed the proposed rule change file number should be included on the pursuant to Section 19(b)(3)(A)(i) of the subject line if e-mail is used. To help the Act 2 and Rule 19b–4(f)(1) 3 thereunder Commission process and review your so that the proposal was effective upon comments more efficiently, please use only one method. The Commission will filing with the Commission. The post all comments on the Commission’s Commission is publishing this notice to solicit comments on the proposed rule Internet Web site (https://www.sec.gov/ change from interested persons. rules/sro.shtml). Copies of the PO 00000 Frm 00080 Fmt 4703 Sfmt 4703 II. Self-Regulatory Organization’s Statement of the Purpose of, and Statutory Basis for, the Proposed Rule Change In its filing with the Commission, OCC 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. OCC has prepared 11 17 CFR 200.30–3(a)(12). U.S.C. 78s(b)(1). 215 U.S.C. 78s–1(b)(3)(A)(i). 317 CFR 240.19b–4(f)(1). 115 E:\FR\FM\30JAN1.SGM 30JAN1

Agencies

[Federal Register Volume 74, Number 19 (Friday, January 30, 2009)]
[Notices]
[Pages 5711-5713]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E9-1980]


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SECURITIES AND EXCHANGE COMMISSION

[Release No. 34-59289; File No. SR-NYSEArca-2009-06]


Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing 
and Immediate Effectiveness of Proposed Rule Change to Introduce a 
Pilot Program for NYSE Arca Trades

January 23, 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 21, 2009, NYSE Arca, Inc. (``NYSE

[[Page 5712]]

Arca'' or 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 prepared by NYSE Arca. NYSE 
Arca has designated the proposed rule change as constituting a non-
controversial rule change under Rule 19b-4(f)(6) under the Act,\3\ 
which renders the proposal effective upon filing with 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\ 17 CFR 240.19b-4(f)(6).
---------------------------------------------------------------------------

I. Self-Regulatory Organization's Statement of the Terms of Substance 
of the Proposed Rule Change

    NYSE Arca proposes to establish a pilot program to introduce its 
NYSE Arca Trades service at no charge. NYSE Arca Trades is a new NYSE 
Arca-only market data service that allows a vendor to redistribute on a 
real-time basis the same last sale information that NYSE Arca reports 
to the Consolidated Tape Association (``CTA'') for inclusion in CTA's 
consolidated data stream and certain other related data elements 
(``NYSE Arca Last Sale Information'').

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 self-regulatory organization 
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 self-regulatory organization 
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
    a. The Service. The Exchange proposes to establish a pilot program 
to introduce NYSE Arca Trades, a new service pursuant to which it will 
allow vendors, broker-dealers and others (``NYSE Arca-Only Vendors'') 
to make available NYSE Arca Last Sale Information on a real-time 
basis.\4\ The Exchange will not impose any fees for the receipt and use 
of NYSE Arca Trades, whether on vendors or subscribers, during the 
pilot period.
---------------------------------------------------------------------------

    \4\ The Exchange notes that it will make the NYSE Arca Last Sale 
Information available to vendors no earlier than it makes its last 
sale information available to the processor under the CTA Plan.
---------------------------------------------------------------------------

    Contemporaneously with the proposed rule change, the Exchange 
submitted a proposed rule change that seeks to establish a $750 per 
month access fee for the receipt and redistribution of the NYSE Arca 
Trades datafeed(s) and device fees for the end-use of NYSE Arca Trades' 
NYSE Arca Last Sale Information (the ``NYSE Arca Trades Fee Filing'') 
as follows:
    i. $5 per month per display device for the receipt and use of NYSE 
Arca Last Sale Information relating to Network A and Network B Eligible 
Securities (as the CTA Plan uses those terms); and
    ii. $5 per month per display device for the receipt and use of NYSE 
Arca Last Sale Information relating to securities listed on Nasdaq.
    The Exchange would not commence to impose those fees until the 
later of Commission approval of the NYSE Arca Trades Fee Filing and the 
end of the pilot period.
    NYSE Arca Last Sale Information would include last sale information 
for all securities that are traded on the Exchange.
    The Exchange will make NYSE Arca Last Sale Information available 
through its new NYSE Arca Trades service at the same time as it 
provides last sale information to the processor under the CTA Plan. In 
addition to the information that the Exchange provides to CTA, NYSE 
Arca Last Sale Information will also include a unique sequence number 
that the Exchange assigns to each trade and that allows an investor to 
track the context of the trade through such other Exchange market data 
products as ArcaBook[supreg].
    The Exchange developed NYSE Arca Trades primarily at the request of 
traders who are very latency sensitive. The latency difference between 
accessing last sales through the NYSE Arca datafeed or through the CTA 
datafeed can be measured in tens of milliseconds. The Exchange 
anticipates that demand for the product will derive primarily from 
investors and broker-dealers who desire to use NYSE Arca Trades to 
power certain trading algorithms or smart order routers. The free 
access to NYSE Arca Trades during the pilot period will enable 
investors to determine whether NYSE Arca Trades provides value to their 
business models and will enable the Exchange to make the service 
available during the time required to obtain approval for the fees.
    b. Administrative Requirements. During the pilot period, the 
Exchange will require NYSE Arca-Only Vendors to enter into the form of 
``vendor'' agreement into which the CTA Plan requires recipients of the 
Network A last sale prices information datafeeds to enter (the 
``Network A Vendor Form''). The Network A Vendor Form will authorize 
the NYSE Arca-Only Vendor to provide the NYSE Arca Trades service to 
its subscribers and customers.
    The Network A Participants drafted the Network A Vendor Form as a 
one-size-fits-all form to capture most categories of market data 
dissemination. It is sufficiently generic to accommodate NYSE Arca 
Trades. The Network A Vendor Form has been in use in substantially the 
same form since 1990.\5\
---------------------------------------------------------------------------

    \5\ See Release Nos. 34-28407 (September 10, 1990), and 34-49185 
(February 4, 2004).
---------------------------------------------------------------------------

    Similarly, the Exchange will require professional and non-
professional subscribers to NYSE Arca Trades to undertake to comply 
with the same contract, reporting, payment, and other administrative 
requirements as to which the Network A Participants subject them in 
respect of Network A last sale information under the CTA Plan.
    c. Duration of Pilot Program. The Exchange proposes to commence the 
pilot program shortly after submitting the proposed rule change to the 
Commission. The Exchange proposes to conduct the pilot test for 90 days 
from its commencement date.
    If, at the end of the pilot period, the Commission has not yet 
acted on the NYSE Arca Trades Fee Filing, the Exchange will assess its 
experience with NYSE Arca Trades and determine whether to extend or 
modify the pilot program.
2. Statutory Basis
    The bases under the Act for the proposed rule change are the 
requirements under Section 6(b)(5) that the rules of an exchange be 
designed to promote just and equitable principles of trade and not to 
permit unfair discrimination between customers, issuers, brokers or 
dealers.
    The pilot program would benefit investors by providing a free 
alternative to the last sale price information that they receive under 
the CTA Plan.

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.

[[Page 5713]]

C. Self-Regulatory Organization's Statement on Comments on the Proposed 
Rule Change Received from Members, Participants or Others

    The Exchange has discussed the pilot program with those entities 
that the Exchange believes would be the most likely to take advantage 
of the proposed NYSE Arca Last Sale Information service by becoming 
NYSE Arca-Only Vendors. While those entities have not submitted formal, 
written comments on the proposal, the Exchange has incorporated some of 
their ideas into the proposal and the proposed rule change reflects 
their input. The Exchange has not received any unsolicited written 
comments from members or other interested parties.

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, it has become 
effective pursuant to Section 19(b)(3)(A) of the Act \6\ and Rule 19b-
4(f)(6) thereunder.\7\
---------------------------------------------------------------------------

    \6\ 15 U.S.C. 78s(b)(3)(A).
    \7\ 17 CFR 240.19b-4(f)(6). In addition, Rule 19b-4(f)(6) 
requires a self-regulatory organization to give the Commission 
written notice of its intent to file 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. 
NYSE Arca has satisfied this requirement.
---------------------------------------------------------------------------

    A proposed rule change filed pursuant to Rule 19b-4(f)(6) under the 
Act \8\ normally does not become operative for 30 days after the date 
of its filing. However, Rule 19b-4(f)(6) \9\ permits the Commission to 
designate a shorter time if such action is consistent with the 
protection of investors and the public interest. NYSE Arca requests 
that the Commission waive the 30-day operative delay. The Commission 
believes that waiving the 30-day operative delay \10\ is consistent 
with the protection of investors and the public interest because such 
waiver will allow the Exchange to immediately provide additional 
information to investors at no cost. Therefore, the Commission 
designates the proposal operative upon filing.
---------------------------------------------------------------------------

    \8\ 17 CFR 240.19b-4(f)(6).
    \9\ 17 CFR 240.19b-4(f)(6).
    \10\ 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 the proposed rule 
change, the Commission may summarily abrogate such rule change if it 
appears to the Commission that such action is necessary or appropriate 
in the public interest, for the protection of investors, or otherwise 
in furtherance of the purposes of the Act.

IV. Solicitation of Comments

    Interested persons are invited to submit written data, views, and 
arguments concerning the foregoing, including whether the proposed rule 
change is consistent with the Act. Comments may be submitted by any of 
the following methods:

Electronic Comments

     Use the Commission's Internet comment form (https://
www.sec.gov/rules/sro.shtml); or
     Send an e-mail to rule-comments@sec.gov. Please include 
File Number SR-NYSEArca-2009-06 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-NYSEArca-2009-06. 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 publicly available. All 
submissions should refer to File Number SR-NYSEArca-2009-06 and should 
be submitted on or before February 20, 2009.

    For the Commission, by the Division of Trading and Markets, 
pursuant to delegated authority.\11\
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    \11\ 17 CFR 200.30-3(a)(12).
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Florence E. Harmon,
Deputy Secretary.
[FR Doc. E9-1980 Filed 1-29-09; 8:45 am]
BILLING CODE 8011-01-P
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